$20 billion Dangote refinery a beacon of hope for Nigeria and African — Femi Otedola

Nigerian billionaire businessman Femi Otedola has hailed the opening of Aliko Dangote's $20 billion oil refinery as a "beacon of hope" for millions across Africa.

In a statement via X on Sunday, December 10, Otedola congratulated his fellow Nigerian business mogul Dangote on the historic completion and launch of operations at the huge refinery complex in Lagos.

"I heartily congratulate my bestie @AlikoDangote as the 8th Wonder of the World – the $20 Billion (Twenty Billion Dollars) @DangoteGroup Refinery – officially commences production," Otedola said.

"This refinery is a beacon of hope for millions of Nigerians and Africans,” he stressed.

The refinery, Africa's largest single oil refining facility, will refine 650,000 barrels of oil per day and meet Nigeria's entire oil needs, helping to curb fuel imports.

It will also boost petrochemical production through a linked fertilizer plant and polypropylene plant.

Otedola outlined numerous economic and environmental benefits, including energy security for Nigeria, catalyst for prosperity, and up to 90% carbon capture capabilities, playing a role in the country's net zero goals.

The refinery will also fully recycle water used in its processes and capture heat to generate 50MW of power sustainably.

With its scope and scale, the Dangote Refinery marks a new era for Nigeria's oil sector and energy independence, symbolizing the country and the entire African economic progress, Otedola emphasised.