National Telescope national telescope newspaper
The owner of the Dangote Refinery, Mr. Aliko Dangote, has said the his new refinery under construction in Lagos, could save up to $10 billion in foreign exchange (FX) and generate another $10 billion in exports when the facility begins operation.
Dangote said this during an interview with a London-based publication, The Economists Magazine
The world’s largest single-train refinery of 650,000 barrels per day is said to be inaugurated by President Muhammadu Buhari on May 22.
He said, “The refinery’s completion will not only create direct and indirect jobs, but also lead to skills transfer and technology acquisition opportunities that will benefit the downstream sector.
“Moreover, the refinery’s production of critical products like naphtha and polypropylene will stimulate the development of other industries, such as cosmetics, plastics, and textiles. Refineries on this scale could save Nigeria up to $10 billion in foreign exchange and generate approximately $10 billion from exports.
“We see room for development of added value in agribusiness too. Here, initiatives like our Sugar Backward Integration Projects look to create a strong localised supply in the sugar industry. With a goal to produce around 0.5 million tons of sugar per annum from locally grown sugar cane, benefits will be created across the sugar value chain for local suppliers,” he added.
He noted that the soon-to-be commissioned 650,000 barrels per day refinery in Lagos, would enable Nigeria achieve self-sufficiency in refined petroleum products, as well as export to other African markets.
According to him, there are also ample opportunities to increase the country’s rice production, with the ongoing construction of six rice mills that could mill approximately one million tons per annum of locally produced rice, thereby empowering local farmers.
The renowned businessman pointed out that the group of companies also has a 2.8 million tons per annum fertiliser plant tapping into the fertiliser market, while opportunities are being explored in tomato cultivation and processing as well as dairy production.
“With many parts of West Africa still facing food insecurity, the emergence of strong localised industries with resourceful suppliers and clear trade networks will be a big step in the right direction.”
