The statement, released on Wednesday, noted that the development marks a critical stage in the ramp-up of Africa’s largest oil refining facility. The refinery has commenced a 72-hour intensive performance test run to confirm sustained full-capacity output.
Reacting to the news on Thursday, Otedola described the milestone as a landmark achievement for Dangote, Nigeria, and the wider African continent. He congratulated Aliko Dangote on the development and highlighted the potential impact on Nigeria’s foreign exchange market.
“I congratulate my friend and brother, @AlikoDangote, on the remarkable achievement of the Dangote Petroleum Refinery reaching its full 650,000 barrels per day capacity,” Otedola wrote. “More importantly, it is transformational for Nigeria and Africa. Supplying up to 75 million litres of PMS daily changes our energy narrative and conserves foreign exchange.”
He added that the shift from import reliance to domestic refining could reduce pressure on the foreign exchange market.
Otedola also expressed optimism that the development would positively affect the value of the naira, stating that a return to trading below ₦1,000/$1 before the end of the year is “increasingly within reach.”
He further noted that Dangote has embarked on an additional $12 billion expansion, aimed at increasing refining capacity to 1.4 million barrels per day, along with expanded production of polypropylene and linear alkyl benzene for detergent manufacturing. According to Otedola, work on the expansion has already begun.
“Aliko is not stopping here,” Otedola concluded. “Congratulations once again, my brother. Nigeria is proud of you.”
The refinery’s full capacity milestone has been widely discussed as a potential turning point for Nigeria’s energy supply and currency stability, with stakeholders closely watching the impact on fuel imports and forex demand.