Search Site

Trends banner

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Biggest fuel refinery plant of Africa begins production

"Dangote Petroleum Refinery has commenced production of diesel and aviation fuel," local media reports said. (AFP)
  • The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria's reliance on fuel imports.
  • The facility sits on 2,635 hectares (6,500 acres) of land at the Lekki Free Zone on the edge of Lagos city and cost an estimated $19 billion.

Lagos, Nigeria – Africa’s biggest diesel and aviation fuel refinery built by the continent’s richest man has started production, the company said on Saturday, calling it a “big day for Nigeria”.

The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria’s reliance on fuel imports.

The delayed megaproject built by Nigerian billionaire Aliko Dangote said it hoped the products would be on the market this month, but it was not clear when the refinery will reach full capacity production or start refining petrol.

The facility sits on 2,635 hectares (6,500 acres) of land at the Lekki Free Zone on the edge of Lagos city and cost an estimated $19 billion, according to local media.

“Dangote Petroleum Refinery has commenced production of diesel and aviation fuel,” the group said. “This is a big day for Nigeria. We are delighted to have reached this significant milestone.”

Though one of Africa largest oil producers and the continent’s top economy, Nigeria relies almost totally on imported fuel and diesel because of a lack of refining capacity.

Nigeria swaps crude worth billions of dollars for petrol that it had subsidized for years to keep prices cheap for its domestic market.

Fuel imports and subsidies caused a huge drain on foreign exchange when Nigeria was struggling with dwindling oil revenues and foreign currency shortages.

The refinery, first scheduled to open in 2021, was officially inaugurated by then president Muhammadu Buhari earlier this year and was supposed to begin operations in June.

Since coming to office in May last year, President Bola Ahmed Tinubu has ended the long-standing fuel subsidy and floated the naira currency in economic reforms he says will attract foreign investment and build long term growth.