Otedola hails Dangote Refinery’s full capacity miilestone as game-changer for Nigeria’s economy

Abdullateef Fowewe

Billionaire businessman Femi Otedola has celebrated Aliko Dangote’s landmark achievement, spotlighting the Dangote Petroleum Refinery’s attainment of its full 650,000 barrels per day capacity as a pivotal shift for Nigeria and Africa.

In his post on X (formerly Twitter), Otedola described the refinery’s impact as “transformational for Nigeria and Africa,” emphasising its potential to supply “up to 75 million litres of PMS daily,” which he said “changes our energy narrative and conserving foreign exchange.”

Otedola highlighted the end of decades-long reliance on fuel imports, noting that “with domestic refining now firmly underway pressure on the foreign exchange market should ease significantly.”

He expressed optimism for the naira, predicting it could trade “below ₦1,000/$1 before year-end.”

The post also revealed ambitious expansions underway, including a “$12 billion expansion to increase refining capacity to 1.4 million barrels per day, alongside 2.4 million tons of polypropylene and 400,000 metric tons of Linear Alkyl Benzene for detergent production,” with work already in progress.

Otedola concluded with warm praise, “Congratulations once again, my brother. Nigeria is proud of you.”