• Sunday, June 23, 2024
businessday logo


Why Dangote refinery ranks among world’s 20 most influential projects – PMI

Dangote Refinery’s US crude import: Nonsense or common Sense?

Project Management Institute (PMI), a global project survey and assessment organisation, says the decision to name the Dangote Oil Refinery among top 20 influential projects in the world in the last 18 months, is based on the expected economic impact that the project will have on Nigeria’s economy upon its completion.

According to the organisation, the Dangote refinery has the potential to fuel Nigeria’s economic transformation from importer to the self-sustaining powerhouse in petroleum refining.

PMI, which disclosed this recently in its annual list of Influential Projects for 2020, said that “Most Influential Projects” highlights compelling projects around the world and across industries that achieved significant milestones and impacted the society.

The 2020 Most Influential Projects list identifies noteworthy projects that have defined the past year—a year that has been dramatically transformed by the global coronavirus pandemic. Many of the projects on this year’s list therefore reflect the ingenious ways that project managers and change-makers have kept initiatives moving forward in the face of unexpected obstacles and challenges.

Read also: Dangote’s 650,000bpd, modular refineries to drive Nigeria’s huge demand for petroleum products – Kyari

“When it’s completed in 2021, the Dangote Oil Refinery in Nigeria will be the largest oil refinery in Africa and one of the largest in the world, processing 650,000 barrels of crude oil per day and creating nearly 35,000 jobs in and around Lagos. But its benefits run deeper than that. By creating a self-sustaining supply of high-quality refined petroleum products, the project will reduce the country’s reliance on imports, help stabilise its currency and aid in the fight against poverty. And the project team, led by Devakumar V.G. Edwin has seemingly planned for everything: from providing on-site housing to avoid a pandemic lock-down to training the engineers that will be needed to operate the refinery,” said Otema Yirenkyi, PMI’S vice president of global engagement.

Explaining why he chose the project, Yirenkyi said Nigeria exports raw materials and imports finished goods—a situation that leaves the country reliant on other countries and contributes to poverty. “The Dangote Refinery turns that model on its head, allowing Nigeria to not only produce oil but the refined petroleum products that have always been in short supply. In the true sense of the word, the project is “transformative,” he added.