Dan­gote re­fin­ery’ll help Nige­ria save $10bn forex – Min­is­ter

The Punch - - FRONT PAGE - ’Femi Asu

THE Min­is­ter for Fi­nance, Bud­get and Na­tional Plan­ning, Mrs Zainab Ahmed, said on Sun­day that the re­fin­ery be­ing built by Dan­gote re­fin­ery in Lagos would help the coun­try save N10bn for­eign ex­change when com­pleted.

Ahmed, who stated this dur­ing a visit to the site of the Dan­gote re­fin­ery, petro­chem­i­cals and fer­tiliser projects at Ibeju Lekki, Lagos, com­mended the com­pany’s con­tin­ued in­vest­ment in the coun­try.

“This is a very im­por­tant project – one of the largest re­finer­ies in the world today. Mr Pres­i­dent is very proud of this project and we speak about it ev­ery­where we go in terms of the num­ber of jobs which it is cre­at­ing and the good that it will be bring­ing to our econ­omy,” she said.

The min­is­ter said the re­fin­ery, when com­pleted, would en­able the coun­try to stop im­port­ing pe­tro­leum prod­ucts, adding, “And for us in gov­ern­ment, that is a sav­ing of at least $10bn that will be sit­ting in our re­serves in­stead of fly­ing out to pay for pe­tro­leum prod­ucts.”

She said, “In the Min­istry of Fi­nance, Bud­get and Na­tional Plan­ning, we have had the op­por­tu­nity to in­ter­face with your com­pany (Dan­gote Group) at dif­fer­ent times to pro­vide you with some clear­ance you re­quired as you bring in equip­ment and as you move from one step to an­other, and I used to be alarmed at some of the size of the re­quests. But now, I do un­der­stand that this is very big and it is very im­por­tant for this coun­try.”

The Pres­i­dent, Dan­gote Group, Aliko Dan­gote, said the group’s rev­enue would in­crease from $4bn to $30bn af­ter the com­ple­tion of the projects in 2021, adding that it aimed to be­come one of the ma­jor sup­pli­ers of for­eign ex­change in Nige­ria.

“We have the re­fin­ery, petro­chem­i­cals and fer­tiliser plants com­ing on stream; we have over a mil­lion tonnes of rice; we have about 600,000 tonnes of lo­cally made su­gar, and our ce­ment busi­ness would have grown fur­ther – we are fin­ish­ing by the end of this year or the be­gin­ning of Jan­uary next year our eight-mil­lion export fa­cil­ity. What we are try­ing to do is to to­tally turn around the com­pany,” he added.

The Ex­ec­u­tive Direc­tor, Strat­egy, Capital Projects and Port­fo­lio De­vel­op­ment, Dan­gote Group, Mr De­vaku­mar Ed­win, said the 650,000-bar­rels-per-day re­fin­ery could meet 100 per cent of the Nige­rian re­quire­ment of all liq­uid pe­tro­leum prod­ucts and would have sur­plus for export.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.