DANGOTE: MY REFINERY WILL END IMPORTATION OF PETROLEUM PRODUCTS IN NIGERIA!

President of the prestigious Dangote Group, Aliko Dangote, has assured Nigerians that upon completion, his refinery will put an end to importation of petroleum products in the country.

Speaking at the site of his refinery in Lekki, Dangote said his refinery will help Nigeria overcome the syndrome of fertilizer importation and also liberate the country from the shackles of importing petroleum products.

"Today, Nigeria imports 100 percent of its fertilizer, but when we finish, Nigeria will be

the largest exporter of Urea and Ammonia in Africa.

"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 admits the government and CBN has been supportive of the project but asks for more support from the government, commercial banks and the Apex bank.

"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." He added.

According to the world oil outlook of the Organization of Petroleum Exporting Countries, OPEC, Aliko Dangote is responsible for nearly 50 per cent of refinery projects in Africa for the next half a decade.

The refinery which is expected to cost N2.8 trillion will churn out about 650,000 barrels of crude oil per day.

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