Dangote refinery to save $9.9b for Nigeria yearly

The Minister of State for Petroleum Resources, Timipre Sylva, has said the Dangote Petroleum Refinery project will save Nigeria $9.9 billion yearly on fuel imports.

Slyva made this known yesterday at the the tour of Dangote Petroleum Refinery and Fertiliser plant in Lagos.

He noted that, the Federal Government will support the group to increase the need in manufacturing and creating enabling environment for business across the country.

He said the Dangote Group is not only a pride for the country, being the second largest refinery in the world, but also for its high-revenue yielding capacity and job creation.

Sylva urged indigenous manufacturers to invest locally to encourage Foreign Direct Investment (FDI) to make Nigeria become an investment destination.

Dangote Group’s Executive Director for Strategy, Capital Projects and Portfolio Development Edwin Devakumar said the refinery would not only serve local demands, which stand at 53 million litres per day, but would also export to Europe and other parts of the world.

He said gas would be utilised for electricity, a sore point for manufacturers, besides other by-products of the refinery used in the petrochemical industry to drive industrialisation.

The director noted that the complexity of the refinery would ensure surplus revenue generation for the country as the company is worth over $12 billion. Edwin said over 800 engineers had been trained in India and employed by the company.

President of Dangote Group, Alhaji Aliko Dangote, urged the government to provide an enabling environment for the group and similar organisations to thrive.

He said the refinery would produce gasoline, diesel, kerosene and aviation jet that would be surplus for export.

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