Billionaire businessman Femi Otedola and
Billionaire businessman Femi Otedola on Wednesday hailed the operational impact of the Dangote Petroleum Refinery, describing it as key to a stable economy, energy landscape.
Otedola described the development as a milestone for Nigeria’s economic growth.
He, however expressed optimism that the naira could trade below ₦1,000 to the dollar before the end of the year.
Otedola made this statement on his X platform (formerly twitter) while congratulating President of Dangote Group, Aliko Dangote, on the refinery’s attainment of its full production capacity of 650,000 barrels per day.
He said that the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit (PMS) daily marks a transformative moment for Nigeria and the African continent, significantly altering the country’s energy landscape.
He explained that with the refinery in full operation after years of dependence on fuel imports, pressure on the foreign exchange market is expected to ease considerably.
According to him, “With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly. I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola stated.
He further revealed that Dangote has commenced an additional $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day which will include the production of 2.4 million tonnes of polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene for detergent manufacturing.
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