Aliko Dangote, the President of Dangote Group, has disclosed that Dangote Petroleum Refinery will create $11 billion per annum market for Nigerian crude.
The Africa’s richest man said the Nigerian crude was specifically designed for 100 per cent Nigerian crude. According to Dangote, upon completion, the Dangote Refinery will meet 100 per cent daily Nigerian consumption of all refined products and would also have the surplus for export.
Dangote made known that the Refinery and petrochemical projects include: world second largest Urea plant with capacity to produce three million tons per annum; the largest sub-sea pipeline infrastructure in any country in the world, 1100 km, to handle three billion scuf of gas per day; world scale gas treatment stations; world-class petrochemical complex; 480MW power plant and 500 KPTA polyethylene plant.
Would the project create jobs?
The largest single train refinery in the world, upon completion, according to Dangote, will create no fewer than 100,000 indirect jobs, 26,716 filling stations and 129 depots in Nigeria. Though, while the project construction is ongoing, 1,500 direct labour, 100,000 contractors on site and 10,000 service providers are employed.
On completion, the project which is expected to commence operations in April 2020, will also create ease of product availability and 26,000 trucks for transport, which will also create more jobs.
“THE PROJECTS WILL MAKE NIGERIA BECOME THE LARGEST EXPORTER OF PETROCHEMICALS AND BIGGEST EXPORTERS OF REFINED PETROLEUM PRODUCTS IN AFRICA. OUR GAS PIPELINE PROJECT WILL TRANSPORT 3BILLION STANDARD CUBIC FEET (SCUF) PER DAY OF GAS. I HOPE AND PRAY THAT OTHER NIGERIANS WILL JOIN US IN DEVELOPING THE COUNTRY.” DANGOTE WAS QUOTED.
Nairametrics had reported that the Central Bank of Nigeria (CBN), was set to provide a financial facility for the ongoing Dangote Refinery project, to the tune of N75 billion.
- Get the scoops and market intelligence that
can help you make better investment
decisions right in your mailbox.
Governor of the CBN, Godwin Emefiele, disclosed this in Abuja while answering questions from journalists during the just concluded Monetary Policy Committee (MPC) meeting.
While the nature of the financial facility is not exactly clear at the moment, Emefiele did mention that Dangote has already invested about 50 per cent of the $9 billion dollars needed to complete the project. The remaining 50% is expected to be sourced as loans from both local and foreign lenders. (Nairametrics)
