By Adedapo Adesanya

Dangote Refinery has reached its full capacity of 650,000 barrels per day following the successful optimisation of critical processing units, marking a turning point for Africa’s largest refinery, located in Lagos.

The $20 billion facility is now operating at full capacity, a world-record milestone for a single-train refinery.

This achievement comes after the completion of an intensive performance testing on the refinery’s Crude Distillation Unit and Motor Spirit production block.

According to the chief executive of Dangote Refinery, Mr David Bird, the refinery is now positioned to supply up to 75 million litres of petrol daily to the domestic market, a dramatic increase from the 45 million – 50 million litres delivered during the recent festive period.

The development can reshape Nigeria’s energy landscape and reduce the country’s longstanding dependence on imported refined products.

“Our teams have demonstrated exceptional precision and expertise in stabilising both the CDU and MS Block,” Mr Bird said. “This milestone underscores the strength, reliability, and engineering quality that define our operations.”

The refinery has completed a 72-hour series of performance test runs in collaboration with technology licensor UOP, a Honeywell company, to validate operational efficiency and confirm that all critical parameters meet international standards.

The tests covered the naphtha hydrotreater, isomerisation unit, and reformer unit, which together form the backbone of the facility’s gasoline production capability.

The milestone marks another achievement for the businessman and majority stake owner at the facility in his ambition to transform Nigeria from Africa’s largest crude oil producer into a refining powerhouse.

Since the commencement of the facility in 2016, it has faced numerous setbacks, including pandemic-related delays, foreign exchange challenges, and technical complications.

It was finally commissioned in May 2023 to help wean Nigeria off imported petroleum products, due to the chronic underperformance of its state-owned refineries.

Despite being Africa’s largest crude producer, the country has not been able to self-produce, even with four state-owned refineries with a combined capacity of 445,000 barrels per day. This has led to decades of high dependency on importation.

The Dangote refinery’s emergence at full capacity has the potential to eliminate this import dependence while positioning Nigeria as a net exporter to West African markets.

Yet, the refinery faces difficulty securing adequate crude oil supplies from Nigerian producers, forcing it to import feedstock from the US, Brazil, Angola, and other countries.

Mr Bird also confirmed that Phase 2 performance test runs for the remaining processing units are scheduled to commence next week, suggesting further capacity optimisation ahead.

The official emphasised the refinery’s commitment to “enhancing Nigeria’s energy security while supporting industrial development, job creation, and economic diversification.”

By Adedapo Adesanya

The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, February 11, by N2.07 or 0.15 per cent to N1,348.95/$1 from N1,351.02/$1 as the Central Bank of Nigeria (CBN) moved to further ease shortages and narrow the gap between the official and street rates.

The CBN approved the participation of licensed Bureaux De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM) as part of efforts to improve forex liquidity in the retail segment of the market and meet the legitimate needs of end users.

The apex bank capped the weekly FX purchases at $150,000, adding that utilisation complies with existing BDC operational guidelines.

In the same official market, the Nigerian currency gained N6.46 against the Pound Sterling to quote at N1,840.11/£1 versus N1,846.57/£1, and added N6.36 on the Euro to close at N1,600.13/€1, in contrast to the preceding session’s N1,606.49/€1.

At the GTBank FX counter, the Nigerian Naira gained N5 on the greenback to settle at N1,358/$1 versus the previous day’s N1,363/$1, but remained unchanged at N1,430/$1 in the black market.

Meanwhile, the digital currency market was bearish yesterday as traders sold their positions after digesting a more hawkish macro outlook.

Analysts mainly attributed the latest crypto selloff to shifting expectations around US macro policy, following a “hawkish shift” in Federal Reserve expectations after Kevin Warsh’s nomination as chairman of the US central bank, which signals tighter liquidity and fewer rate cuts ahead.

Traders will be watching key US labour market data for signs on the future path of interest rates and broader risk appetite.

Solana (SOL) shed 3.2 per cent to sell at $79.86, Ethereum (ETH) depreciated by 2.7 per cent to $1,958.44, Bitcoin (BTC) dropped 1.5 per cent to $67,540.62, Cardano (ADA) slid 1.5 per cent to $0.2579, Ripple (XRP) dipped 1.4 per cent to $1.37, Binance Coin (BNB) slumped 1.2 per cent to $609.73, Litecoin (LTC) went down by 1.2 per cent to $52.58, and Dogecoin (DOGE) crashed by 1.1 per cent to $0.0917, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

By Dipo Olowookere

The positive momentum witnessed on the Nigerian Exchange (NGX) Limited lately continued on Wednesday after it further closed higher by 0.78 per cent.

More investors are showing interest in Nigerian stocks because of the recent bull run, leaving the market capitalisation to grow further by N880 billion yesterday to N114.377 trillion from N113.497 trillion, while the All-Share Index (ASI) increased by 1,374.93 points to 178,184.35 points from 176,809.42 points.

Though the level of activity waned at midweek, data showed that it remained high, with a turnover of 939.2 million shares worth N34.0 billion in 61,279 deals compared with the 1.3 billion shares valued at N50.4 billion traded in 58,965 deals in the preceding session.

This showed that the trading volume went down by 27.75 per cent, and the trading value shrank by 32.54 per cent, while the number of deals jumped 3.92 per cent.

The busiest equity on Wednesday was Tantalizers with the sale of 85.3 million units worth N498.8 million, Access Holdings transacted 61.4 million units for N1.5 billion, Chams exchanged 38.6 million units valued at N174.1 million, Japaul sold 38.2 million units worth N89.5 million, and Deap Capital sold 36.8 million units valued at N314.1 million.

Fortis Global Insurance, Consolidated Hallmark, Nestle Nigeria, and Meyer all gained 10.00 per cent each to close at 33 Kobo, N4.95, N2,420.00, and N20.90 apiece, and CAP rose by 9.98 per cent to N99.20.

On the flip side, Honeywell Flour declined by 9.70 per cent to N22.80, Neimeth slipped by 9.15 per cent to N12.90, The Initiates crashed by 5.81 per cent to N19.45, RT Briscoe tumbled by 5.70 per cent to N14.40, and Sterling Holdings depreciated by 5.56 per cent to N7.65.

At the close of business, 49 stocks ended on the gainers’ table and 31 stocks finished on the losers’ chart, showing a positive market breadth index and strong investor sentiment.

As for the performance of the bourse’s sectors, four of the five monitored by Business Post were in green, with the industrial goods down by 0.02 per cent due to profit-taking in Lafarge Africa.

The banking counter improved by 1.58 per cent, the insurance counter appreciated by 1.53 per cent, the consumer goods index gained 1.28 per cent, and the energy sector soared by 0.02 per cent.