Africa's largest oil refinery is set to achieve full operational capacity within a month, according to senior management. The Dangote Petroleum Refinery, which can process 650,000 barrels of crude oil daily, is currently running at 85% capacity, Head of Refinery Edwin Devakumar announced Monday. The Lagos-based facility, owned by Nigerian industrialist Aliko Dangote, has gradually ramped up operations since beginning crude processing in January 2023. While initially focusing on diesel, naphtha, and jet fuel production, the refinery expanded to petrol manufacturing in September. Despite having an agreement with the federal government to purchase crude oil using local currency, the refinery…

The Nigerian Railway Corporation (NRC), in collaboration with APM Terminals, has officially launched freight services to transport cargo from Apapa Port in Lagos to the NRC’s Moniya freight yard in Ibadan, Oyo State. The initiative, which began with a flag-off ceremony on Monday in Apapa, Lagos, marks a significant step in improving logistics efficiency and reducing congestion at the Apapa port. During the event, NRC Managing Director Kayode Opeifa emphasized the corporation’s commitment to strengthening the rail system, stating that no effort would be spared to ensure its success. He highlighted the partnership’s goals, which include increasing rail transport capacity,…

Kimberly Zhang The internet is getting excited about the prospect of AI. After the release of ChatGPT 3.5 last November, we're still very much in the early stages of people working out what's possible with the technology. Everyone wants to know how far it can be taken. The prospect of AI becoming a superintelligence is leading many to wonder whether it could present a new form of entrepreneurship. Historically, business leaders would leverage a combination of people and capital to push their enterprises forward. In the last twenty years, that's expanded to "networks," but in the future, it could involve…

Despite Nigeria’s oil production increasing to over 1.4 million barrels per day, domestic refiners, including modular refineries, continue to face severe challenges in accessing crude oil, with allocations remaining virtually nonexistent. This has prompted refinery owners to urge the Federal Government to prioritize crude supply to local refiners before allowing exports, as the lack of access has crippled their operations and limited their contribution to the energy sector. The Crude Oil Refinery-owners Association of Nigeria (CORAN) highlighted this issue on Thursday, revealing that many refiners have resorted to importing crude to sustain operations. Eche Idoko, CORAN’s Publicity Secretary, stated in…