U.S.$19 Billion Dangote Refinery Will Make West Africa Stronger – President Akufo-Addo3 min read

He emphasized that whatever investment or project such as the Dangote refinery, which can expand the frontiers of the continent “would make each of our countries better and more prosperous.”

The Dongote Refinery and Petrochemical Complex, the President said, would make West Africa better and stronger.

President Akufo-Addo said this when he joined Nigeria’s President, Muhammadu Buhari and other African Presidents to commission a $19bn (£15bn) single-train oil refinery, the largest of its kind in the world and built by Africa’s richest person, Aliko Dangote.

The project, launched in 2017 and located in the Lekki area of Lagos State, off the Atlantic Ocean, sits on about 130 football fields and is expected to process 650,000 barrels of crude oil a day

The refinery, 20%-owned by the state, wuld operate at full capacity by 2024 and would be able to meet 100% of Nigeria’s requirement of all refined products and also have a surplus for export.

Speaking at the Commissioning ceremony, President Akufo-Addo said Africa’s lands are abundantly endowed with hydrocarbon resources which fully exploited, would create prosperity for the African peoples

He, however, said it would be wholly unfair for the world to demand that Africa abandons the exploitation of these resources needed to finance her development, especially at a time many countries on the continent have just discovered them.

The development and industrialization of the wealthy nations of today, President Akufo-Addo argued, were also hinged on the exploitation of their natural resources.

That development, according to the President, came at the expense of pollution and the emission of greenhouse gases.

Even today, the Western World is responsible for 76 per cent of carbon emissions compared to four per cent for Africa.

President Akufo-Addo has on many occasions urged African countries that have recently discovered crude oil in larger quantities “to find ways of bringing their substantial hydrocarbon resources to production quickly.”

He said with the aid of modern technology, exploitation of these resources could produce less emissions than what occurred in the past.

“We must add value to these resources and not export them in their raw state if Africa is to transition to the status of developed countries,” the President noted.

The effective management of these resources, according to President Akufo-Addo, would depend to a large extent on whether Africa makes it or not.

“And I am confident that an establishment such as the Dangote Refinery and Petrochemical Complex would help us realise this dream as quickly as possible.

President Akufo-Addo told his West African colleagues the need to push vigorously the culture of entrepreneurship “so we can grow our economy and become prosperous.”

To Alinko Dangote, President Akufo-Addo said there is no greater symbol of entrepreneurship in the 21st century in West Africa and indeed in Africa than this “iconic Nigerian entrepreneur, who easily equals the celebrated entrepreneurs’ of this generation such as Elon Musk, Bill Gates…”

“Alinko, as we say in Ghana,” Ayekoo. Well done. We have come from far and near because we are all very proud of you and your achievements.”