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Nigeria's $15 Billion Oil Refinery Is on Track, Dangote Says

  • Billionaire says 650,000-barrel-day plant to finish next year
  • Wood Mackenzie says refinery won’t be completed until 2022
Workers climb scaffolding surrounding a storage tank at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos.

Workers climb scaffolding surrounding a storage tank at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos.

Photographer: Tom Saater/Bloomberg
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Nigerian billionaire Aliko Dangote said he’s on schedule to finish by next year his $15 billion oil refinery, which will be one of the world’s biggest, despite analysts saying the timeline is ambitious.

“There are quite a lot of challenges, but we’re moving,” Dangote told reporters at a conference in Paris about the plant, which is being built near Lagos, Nigeria’s commercial capital, and designed to process 650,000 barrels of crude daily. “We’re still targeting next year for commissioning.”