Dangote: No more importation of petrol once my refinery is ready
Aliko Dangote, president of Dangote Group, has assured Nigerians that when his refinery is ready, the country would no longer need to import petroleum products.
Speaking at the site of his refinery in Lekki, Dangote said his refinery would put an end to fertiliser importation in Nigeria, transforming the country into a net exporter of refined crude and fertilizer.
“Today, Nigeria imports 100 percent of its fertilizer, but when we finish, Nigeria will be the largest exporter of Urea and Ammonia in Africa,” Dangote said.
“The refinery is the largest single line in Africa and it will meet our total domestic requirement and save foreign exchange.
“Thirty-eight per cent of CBN’s foreign exchange is spent on importation of petroleum products. But we can serve the whole West African market.”
Dangote said he had been working with the government and the central bank of Nigeria (CBN) in diversifying the economy.
“We are going to serve the whole domestic market in the next 10 years and also export. We have actually been doing this for a very long time to diversify the economy.
“The government will lay down the policies. The CBN will assist in terms of long-term funding through the banks and even directly now because they have actually helped us quite a lot. That is what we are now trying to do.”
Godwin Emefiele, the CBN governor, who visited the Dangote free trade zone, said the CBN would provide the needed foreign exchange for the refinery, adding that the refinery, upon completion, would generate $6 billion dollars in foreign exchange for Nigeria.
“Imagine what would happen to the savings in foreign exchange by the time the fertilizer plant is completed in 2017 and by the time the refinery and petrochemical plant is completed during the early part of 2018.
“We expect that by the time these projects are completed, they will not only meet the needs of our domestic requirements – by the time they are completed, he (Dangote) will be exporting these products to the point where he will be selling foreign exchange to Nigerians and CBN to the tune of almost $6 billion yearly.
“That is the kind of project we think we should support and we think that we need to encourage more Nigerians to begin to think like Aliko Dangote.”
The Organisation of Petroleum Exporting Countries (OPEC), in its world oil outlook for 2015 said Dangote is responsible for nearly 50 percent of refinery projects in Africa for the next five years.
The refinery is expected to cost about N2.8 trillion and refine about 650,000 barrels of crude oil per day.
Your comment..This are the kinds of giant strides Africa need. we hope n wish to see the completion of this project in due course.
Great one carry go oga sir
Hope Nigerians will dominate at least 50% of total workforce in the refinery.
Great news
This is indeed a good news
since Dongota can build a refinery what is stopin the fedral government from building refineries.useless country with empty headed fools that only care abt personal intrest,busy making some people reacher while d poor massess is dyin of hunger.
U right man their is need for a change
Kelvin, I guess you’ve never heard about what is call free market economy. In developed countries and economy, governments don’t build refineries, private entities do, government only enact policies that makes it easy for private enterprise to do what they do best. (Diversify economy and create jobs). Our tax base is non existent, I don’t know how you expect government to do things when there are no revenues (through taxes from the citizens). Running and economy is not playing monopoly.
Kelvin you need to understand a few things about economics before you mislead the masses you are talking about. Dangote’s line of looking at things is way past your trivial accusations. I challenge you to take an interest in the world around you and how it operates then you will appreciate. Well said Ikeokonta. BTW Kelvin, it’s richer!!!!
Your comment..This piece of News changed my mood from sadness to happiness. May God see the project to its fruitful completion.
thanks to God almighty
Nice news indeed
Opening of refinary will also reduce the number of unemployment in nigeria may Allah see u tru Dangote
Kudos to Dangote. May God help you to actualize d vision
The man dangote commands my respect any day any time. This passion he has for the goodness of Nigeria is expected from every Nigerian. If you see the good of your land, the land will bless you indeed but if all you see are negatives then do not expect your land to Favour you in anyway. This is the time every Nigerian should start asking what he or she can do for the land and not what government can do for us. I see this period as a time wealth will be redistributed to those who can deer to dream and go after it. Look around you and search for what you can do. Dangote is not born with two heads. If he can then nothing is stoping anyone. Government can only associate and help those who are relevant to the nation. Why not make yourself one rather than condemn those whose are making impact.
This is the kind of innovations Nigerians pray for. I only pray this 2016, God will give more Nigerians the insight to build the economy and that Nigeria will again arise. I foresee a boost in the Agricultural sector with the completion of the fertiliser plant because fertiliser acquisition and cost is a major challenge we farmers face.
God please keep using Dangote and also raise more Nigerians.
Your comment.thank you sir u have good idea in building those thing may Allah grant ur promise
Your comment..wonderful, may our daydream of change become real.it’s very welcoming development.
I worry about the environmental impact of said refinery in lekki. As we all know refinery usually means gas flaring in this part of the world. In fact Nigeria is the biggest flarer of gas in the entire world over.
I really admire Aliko Dangote spirit, because he’s a person spreading his investment around Africa with tribal interest. before i want to argued why nigeria making Aliko Dangote more richer and richer at the spense of the other,but after reading through all comment concerning the building of refinary by Aliko Dangote, most people argued without tribal bigotand suppoted the ideal, making me to accept the ideal of free economic,which is a situation whereby the rich ones can invest in their country as a means to generates jobs and economic growth for their county, and this how the so call developed country of our world developed , i will say goverment should encourage local investement more in nigeria across nigerian tribs without sentiment, as a means to bring balance of riches among tribs that form nigeria. My problem here now, is why Lekki my zone? i don’t want my inherite land to be poluted, iam one of leki princeship family,which are dialetical part of Yoruba nation of today Lagos state. So we still have to look the aspect of eviromental polution, if this aspect appeared to be too nagative, then we the Yoruba have to carry out manifestation against this project in our zone.
Like all your comments here. So maturely written unlike other sites.
Great News,Thank God.
Your comment..faire well Baba of naira
What has happened to our Refineries? Think! Why would a man monopolize the economy? Think! This is a Job! Think!
Why would he get the support of the government? Think! We are selling off this country! Think!
Remember we haven’t subdued tribalism! Think!
This is a planned deal! Think!
Great news may God help our country
dangote happen to be one of the mssr sent to this country. We heard about millions of this politician who are billionaires but they can not invest a DIME in nigeria their country. So much thanks to great man aliko dangote. May God see him true with the project and also help the country atlarge
Thank God federal govt didnt embark on building refinery, it wount work and corruption would be their chairman it will end like other govt minitries, thank God ooooooo..hooo
I wish u all the best