Business
Dangote: My 650,000 BPD Refinery Was Built Without Government Incentives
Aliko Dangote, President of Dangote Group, stated that the construction of his 650,000 barrels-per-day refinery was accomplished without any form of support or incentives from the Nigerian government.
He made this known during the Crude Oil Refinery Owners Association of Nigeria Summit held in Lagos, where he was represented by the Executive Director of the Dangote Group, Engr Mansur Ahmed.
Dangote highlighted the refinery’s remarkable capacity, which already supplies enough diesel and jet fuel to satisfy Nigeria’s domestic needs, addressing the country’s long-standing dependency on fuel imports.
This project, located in the Lekki Free Trade Zone of Lagos, was built at a cost of $20 billion and began operations on January 12, 2024, with an initial refining capacity of 300,000 barrels per day.
By September 2024, this capacity was increased to 400,000 barrels per day, showcasing the rapid expansion of its output.
The refinery has since played a significant role in reshaping Nigeria’s energy landscape, with the Nigerian National Petroleum Company Limited (NNPCL) being the exclusive distributor of the refinery’s petrol.
This strategic partnership led to the distribution of petrol across the nation, beginning on September 15, 2024.
Following this development, NNPCL announced an adjustment in fuel prices, setting rates between N950 and N1,100 per liter across its retail outlets nationwide.
Despite Nigeria’s status as Africa’s largest crude oil producer, it has struggled for years to meet its refined petroleum needs domestically.
This has resulted in an overreliance on imports, a situation the Dangote Refinery aims to change.
Dangote emphasized that this refinery will not only reduce the nation’s import dependency but also boost economic growth by creating jobs and stabilizing fuel prices over time.
In his continuous push for reforms, Dangote has been a vocal advocate for the Nigerian government to completely eliminate fuel subsidies.
He reiterated this stance in September 2024, stressing that the removal of subsidies is essential for economic development, as it would free up government resources that could be directed toward infrastructure and social programs.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
Nigerians now have a new choice when it comes to making calls and browsing the internet. A new telecom company called LEBARA has launched in the country with a new idea. Instead of the usual airtime system that most networks use, this company is offering something different, subscribers will now buy call minutes and data directly.
What makes this different is that customers will only pay for what they actually use. If you buy 100 minutes, those minutes are yours until you use them up. If you make a call that lasts only 30 seconds, the rest of your time remains, leaving you with 99 minutes and 30 seconds. Nothing is taken away without your knowledge, and every second is accounted for.
The company is rolling out its services with the new 0724 number series, and it already has connections with all the major networks in Nigeria. This means subscribers will be able to call friends, family, and business contacts across MTN, Airtel, Glo, 9mobile and others without any problems. They have also been licensed as a Tier 5 Mobile Virtual Network Operator, which is the highest category approved by the Nigerian Communications Commission (NCC).
Company officials explained that the goal is to give Nigerians more freedom, fairness, and transparency. For years, people have raised concerns about airtime being deducted too quickly or without clear explanation. By introducing a minutes-based model, the new operator wants to end that problem once and for all. Subscribers can clearly see what they paid for, how much they have used, and what is left.
Victim of child abuse pleads and urges American billionaire and businessman, Elon Musk, to halt the spread of a link that showcases her abuse on the social media platform, X.
The victim shared as she pleaded with Musk: “Hearing that my abuse — and the abuse of so many others — is still being circulated and commodified here is infuriating.”
The victim then expressed anger and disappointment that she is still reminded of her hurtful past and pleaded that Elon stop the link as he is the owner of the platform.
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