Financial Energy Review
… ……..Will save $9bn annually for Nigeria………..mAdesina
The President of Dangote Group, Alhaji Aliko Dangote, has over the weekend stated that the Dangote Refinery and Petrochemicals will kick off operations before the of the first quarter (Q1), 2022 with initial daily output of fuel production of 540,000 liters pending when it starts full scale production towards the end of the year.
Dangote who disclosed this during the one day industry tour by the President of African Development Bank (AfDB) Dr Akunwumi Adesina, noted that the refinery has already employed over 380,000 direct workers.
He said, “We will start production in this Q1 with 540,000 liters daily, and to add up after few months. We have already employed 11, 000 expertriates and 27,000 welders and others. We have over 3,800 engineers working at this world class refinery.”
Commending Dangote, the AfDB President noted that Dangote refinery would save the country a whooping sum of $9bn from importing refined petroleum products.
He pointed out that the refinery is the second largest in the world, stressing that it is capable of meeting Africa’s petroleum needs.
According to him, consistent fiscal Policies, essential infrastructure and support for indigenous industrialists and achievers are essential for more of Dangotes to emerge in the country, stressing the need to harness Nigeria’s human capital for the Socio-economic growth, development and sustenance, not only for Nigeria but to the rest of the world.
“This refinery is world class capable of reversing the trend of exporting crude oil and importing refined products therefrom, as well contribute to the value chain. This project is Africa’s pride because it would serve as the industrial free gate for massive Industrialization.
“We have invested about $300m in Dangote because we have faith and confidence in him, and in fact every nation needs Dangote, we shall continue to support African champions. Most importantly, our human resources and infrastructural development must be our top priority” he added.
Lamenting on massive export of raw materials AfDB Boss noted that the content has about $38tr worth of natural resources, regretting the continent keeps exporting raw material saying.
According to him, “Any country that export raw material eventually becomes poor, while those that export value added products became rich as they dominate the top of the value chain.
“This project is expected to do 650,000 barrels a day of crude oil refined into different kinds of products, doing it into 33 millions metric tons of Products, Serving different sectors of the economy, reverse the trend and make Nigeria not only self sufficient in petroleum products but a competitive player in the market.
Regrettably, “The country import about $57bn and export $50bn which is totally bad.
“This world class Industrial complex has fertilizer section and others, thus we need to drive productivity growth to be self sufficient. Through this, Nigeria and Africa can launch into the Global market in the oil and gas sector, Nigeria through this massive Investment can be a dominant player in Africa Continental Free Trade Arena (AfCFTA), we have world class Technical skills to do great things, sellable to the world.”
In terms of challenges and way to surmounting them, Adesina promised Dangote Group that AfDB would continue to support the group stressing that the bank has made a decision to support business champions like Dangote Group.
