If Aliko Dangote, President of Dangote Industries Limited (DIL), bites at the bait, Zambia could become the next destination to set up another refinery, as the country, on Sunday, threw its doors wide open for his participation in what it says is its own thriving investment opportunities in the oil industry.
Makozo Chikote, Zambia’s Minister of Energy, who led a delegation of the country’s government to the DIL complex, harbouring the prestigious Dangote Refineries Limited (DRL), was emphatic that the Africa’s Richest Man (ARM), and world’s number 86th would add immensely to the country’s quest to grow its mining and refining capacity, through the private sector.
He spoke on the same Sunday, DIL the conglomerate that gave birth to the first private refinery in Africa and the world’s largest single train facility, told his visitors that Nigeria needed not import a single drop of petrol into the country anymore with the current production capacity of his refinery.
Hear him: “We have more than half a billion litres of petroleum and over N600 billion worth of products our tanks. As we speak right now, we have more than half a billion litres. The Refinery is producing enough refined products, like gasoline, diesel, and kerosene, to meet 100 per cent of Nigeria’s requirements.
“This refinery is not only for Nigeria, it is for Africa. We must sustain the African Continental Free Trade Area (AfCFTA) deal. We are trying to see how we trade with other African countries.”
A palpably-elated Chikote, while enthusing over his experience during the tour, noted that part of his findings was that the Nigerian business magnate was truly focused on the bigger picture for Africa, expressing not only his satisfaction but his readiness to work with him in achieving the economic emancipation of the continent.
During the tour which took the Minister through the Single Point Mooring to the Dangote Jetty, the biggest fertiliser plant in Africa and the refinery itself, all within the Dangote complex at the Free Trade Zone, Ibeju Lekki, Chikote, said he was particularly fascinated by the presentation made by Edwin Devakumar, Vice President, Oil and Gas of DIL, which he said spoke to the challenges of his country, Zambia.
Hear him: “In Zambia, we created an environment for the private sector to participate in the growth and development of our country. Currently, 100 per cent of our petroleum is done by the private sector.
“We are targeting increased productivity in mining, agriculture, and other sectors. Your presentation is an immediate solution to our energy needs. We are trying to promote competition among our private players
“We are looking at Dangote coming on board, which would lead to efficient, reliable, quality, and competitive products, and we want these done like yesterday.
“Coming to the Dangote Petroleum Refinery, we have learned so many advantages of bringing many players for competition, which has improved the lives of the citizens. From what we have seen, we need to promote trade within Africa to promote each other. We need these countries together to make Africa efficient, and a reliable trade hub.
“We have seen here that we can learn from what Dangote has done, and this would lead Africa and Africans to stand on their feet and not depend on overseas support in terms of trade. I believe going forward that people have learned a few lessons. The one lesson I have learned from this visit is that Dangote looks at the bigger picture for Africa.”
Samuel Maimbo, his colleague in the delegation, who was equally elated at the experience pointed the way for the economic growth of Africa, stating that Dangote was already on that path and other players in the continent ought to key in as well.
Maimbo, Vice President of Budget, Performance Review, and Strategic Planning at the World Bank Group, presently campaigning for the presidency of the African Development Bank (AfDB), while regretting the inadequate development aid to develop Africa, said: “The only way we can finance Africa’s growth at a pace and scale that solves our problem is by working through the private sector, which is why we are here today, to learn and to see what an ambitious programme looks like.
Devakumar, while briefing the visitors during the tour, assured that the Refinery produced the best quality products as its core business strategy, adding: “The project concept was to process the crude from Nigeria and add value. But we also wanted to provide some flexibility to process most of the African crudes and some of the Middle Eastern crudes.
“In another concept, what we did was maximum value extraction. That is a process where every barrel of crude which goes in, the value addition should be the best. The Refinery can meet all our requirements, 44 per cent, can meet the entire requirements of Nigeria, and 56 per cent of the production would be exported. Every day, we produce lighter products of 104 million litres; 57 million litres of petrol every day; 20 million litres of jet fuel; and 27 million litres of diesel production. The local consumption is just around 46 million litres, and the remaining 58 million litres will be exported daily.”