The Nigerian government has approved the acquisition of a 20% stake in the Dangote refinery by the Nigerian National Petroleum Corporation (NNPC) for US$2.7bn.
The 650,000 barrels per day (bpd) refinery is currently under construction in Lagos and is scheduled to come online in January 2022. After completion, it is expected to become the largest oil refinery in Africa.
Dangote Oil Refinery, a company owned by the Nigeria-based Dangote Group, is developing the refinery, with an estimated investment of US$19bn.
The Dangote refinery, located on a 2,635ha property in the Lekki Free Zone near the Lekki Lagoon along the Atlantic Ocean's coast, is projected to produce up to 50m litres of petrol and 15m litres of diesel per day.
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