21 Facts about Dangote’s Refinery and Petrochemical Plant By: Oyedepo John
1. Over $4 billion worth of equipment currently sits on the site.
2. The project is slated to cost $14 billion (N2.8 trillion) of which Dangote is contributing $7 billion in equity.
3. The project site is larger than Victoria Island. It is located on 2135 hectares of land in Ibeju-Lekki, Lagos near the Lekki Free Zone
4. It is the largest industrial complex in Africa
5. Work goes on, on the site, 24 hours a day, 7 days a week
6. World Record 2.72 million accident free hours recorded on site, without a single lost time to injuries
7. It is the largest single train grass roots refinery in the world with a processing capacity of 650,000 BPSD
8. Dangote Group brought in the world’s #1, #2, and #5 sand dredgers to sand fill the site. 60% of the land being swampy. So far these dredgers have reclaimed 13 million m³ out of 30 million m³
9. During construction, the project will employ over 25,000 Nigerians
10. Dangote is investing over $7 billion (N1.4 trillion) in the project
11. It is the largest single train refinery project on the planet
12. When this project comes online, Nigeria will save a minimum of $10 billion a year on imports
13. The Ammonia component of the plant will produce 2.8 million tonnes of Urea
14. Dangote is producing its own electricity to power the plant and by so doing is saving 75% costs. Dangote produces electricity at a rate that is significantly cheaper than the Federal Government. Dangote’s cost is $400,000/MW, while Federal Government is $2,000,000/MW
15. All the civil engineering is done by Nigerian companies
16. The plant has an export value of $6 billion per annum, meaning Dangote’s efforts will increase the amount of foreign exchange in Nigeria’s foreign reserves by at least 40% of current value on a yearly basis
17. Dangote said when this project comes on line, his friend Femi Otedola will save at least N26 per litre on millions of litres of diesel and petrol which his companies import annually. This savings will be passed on to the consumers and it will take a lot of pressure off the banks
18. Billions of Naira were paid to acquire the land and to settle the existing communities. More money was also allocated and spent to relocate the existing communities
19. This project will restore the dignity of Nigeria, a crude producing country that has for years gone abroad to meet its demand for refined products
20. Refined products to be produced at the plant include but is not limited to propane, petrol, Jet Fuel, Diesel, Kerosene, Carbon Black, Polypropylene, Polyethylene
21. The United States Trade and Development Agency is supporting this project with $997 million Very massive project to stand in the Ibeju-Lekki axis come 2019.
If a business mogul like Dangote can spend $100 million on the 2,135 hectares of land (in Ibeju-Lekki) where the project will be standing on, then anybody with even 700k should be thinking of doing same. Majority of our estates are located few minutes away from this Refinery with prices ranging from N600,000 to N4m per plot. You can call us or send your email address to get full information on all of our estates within this axis. It’s not compulsory you live there; you can buy as many plots as you can afford and then wait. Land in this axis appreciates faster than anywhere in the country. The no. 1 secret of most successful Real Estate Investors is that they buy land on the fringe of development and wait for capital appreciation. Strike While The Iron Is Hot.