Monday, June 27, 2016

Africa's richest man Aliko Dangote aiming for 50% of Nigeria's crude refined internally by 2021

“Our target is that in the next five years or so from now, we hope and we believe that half of Nigeria’s crude will be refined and exported rather than just exporting crude to go and create jobs elsewhere.”

The words of Africa’s richest man, Aliko Dangote during a press briefing after touring the construction site of his refinery expected to begin operations in 2019.

He was accompanied on the tour by Nigeria’s vice president Prof. Yemi Osinbajo, and Akinwunmi Ambode, governor of Lagos State, where the refinery is being built and a number of key federal level ministers.

Governor Ambode, said that the Dangote Lekki Refinery, Petrochemical Projects will boost Nigeria’s economy, because it would be a major strategic asset not for Lagos alone but for Nigeria’s wobbly power supply system.

Africa’s richest man disclosed in an interview with Reuters News Agency on Friday (June 24) plans to open Nigeria’s first private oil refinery estimated at a cost of $12 million dollars with the funds to be pooled from multiple sources.

The refinery, which would be complemented by petrochemical, gas & fertilizer projects by Aliko Dangote at Lekki Free Zone (LFZ) in Lagos is expected to be completed in 2018 but start operations the next year.

The Governor of Nigeria’s commercial hub said “Firstly, there is a refinery project that is ongoing, second there is a petrochemical project that is also ongoing. There is pipeline transfer project that brings gas from Bonny down to Olokonla and down to Lekki and then the fourth one is the fertilizer project all in one location.”

The Petrochemical project that is coming on stream by December 2017, whiles the refinery comes on stream by the first quarter of 2019, in between both the Gas project will come on stream by 2018.

The Vice President refinery’s on his part said the Gas Project upon completion has the capacity to produce about three billion cubic feet of gas daily, which would permanently address the two billion cubic feet daily gas required to power the country.

Some of the ministers that were on the trip included Minister for Finance, Kemi Adeosun; Minister for Solid Minerals, Kayode Fayemi; Power, Works and Housing minister, Babatunde Fashola and Industry, Trade and Investment minister Okechukwu Enelamah.

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