Nigeria has granted its state oil firm, the Nigerian National Petroleum Corp’s (NNPC), an approval to acquire around 20% of Dagnote oil refinery stake for $2.76 billion, Timpire Sylva, Junior Oil Minister, said, according to Reuters.

The Nigerian government gave the approval in a cabinet meeting.

The Dangote oil refinery is currently under construction with a production capacity of 650,000 barrels per day (b/d).

It will be established in Lagos and will be commissioning in January 2022.

The refinery is owned by Aliko Dangote, who is classified as the richest man in Africa.

NNPC seeks the refinery’s stake as it aims to work with private firms to safeguard Nigeria’s energy security.

However, the company will not halt its plans to rehabilitate its refineries.