Business

Dangote Refinery Will Help Nigeria Meet Net Zero Target, Capture Over 90% Of Carbon Emissions, Otedola Says

Billionaire businessman, Mr Femi Otedola, has described the Dangote Refinery as the 8th wonder of the world, stressing that by capturing over 90 per cent of its carbon emissions, the plant will help Nigeria on its way to meeting its 2060 net zero target.

In a post on Instagram, Otedola who has business interests in shipping, banking, oil and gas, real estate and power, among others, lauded Africa’s richest man, Aliko Dangote profusely for his vision in establishing the $20 billion refinery.

He explained that the plant which received its first tanker of feedstock on December 7, remains a beacon of hope for the continent.

“This refinery is a beacon of hope for millions of Nigerians and Africans. It is also at the vanguard of championing environmental sustainability. With its carbon capture technologies and storage processes, it will capture up to 90 per cent+ of the CO2 emitted.

“It will also play a significant role in reducing well-to-tank carbon emissions from crude oil maritime transportation, thereby playing its own role in helping Nigeria meet its target for net zero emissions by 2060.

“The refinery recycles 100 per cent of its water. The heat coming out of the process is fully captured to produce 50mw of power. Dangote is also producing Euro 5 to replace the bad Euro 5 that has been dumped on Africa for a long time,” he stated.

While congratulating the founder of the Dangote Group, Otedola who described him as his bestie, noted that as the 650, 000 bpd refinery officially commences production, it will champion energy security for the nation.

“The Dangote Petrochemical complex, which consists of the world’s largest single-train 650,000 barrels per day petroleum refinery, a 1 million metric tonnes of polypropylene per-annum facility, and two of the world’s largest fertiliser trains with a capacity of producing 3 million tonnes of urea — is much more than just an industrial milestone.

“It’s a testament to the visionary leadership and relentless pursuit of excellence of one of Africa’s finest and most dogged patriots.

“I had a front-row seat as this vision was conceptualised and took shape. And I am familiar with the sleepless nights you (Dangote) have had to work through over the last decade to bring this dream to fruition,” he added.

According to him, shipping 65,000 barrels per day of crude out of Nigeria and 650k bpd in refined products to Nigeria and nearby countries, which he said is 480 ships of 1 million barrels per day will save 1.5 million to 2.5 million tons of CO2 emissions. “This will help the environment,” he added.

By meeting Nigeria’s requirements for all refined petroleum products, Otedola added that it will champion energy security and independence for the nation and act as a catalyst for a new era of prosperity for the subcontinent.

“It promises economic transformation for Nigerians today and for generations to come. Congratulations. Africa is proud of you!” he said.

Emmanuel Addeh in Abuja