Wednesday, June 28, 2017 10.00am/Proshare WebTV
The President of Dangote Industries, Alhaji Aliko Dangote has assured that the planned petrochemical refinery project of the conglomerate, will transform and diversify the Nigerian economy.
He made this during a presentation to Business leaders and CEOs from the Lagos Business School (LBS), who visited the refinery/ petrochemical complex under construction in the Lekki Free Trade Zone area on Saturday, June 24, 2017.
The refinery which is described as one of the most strategic socio-economic projects in Nigeria, features the largest single train petroleum refinery in the globe (650,000 bpd), Africa’s largest urea plant (3ml tons per annum), the largest sub-sea pipeline infrastructure (1,100kms to handle 3 billions scurves of gas per day), world scale gas treatment stations, world class petrochemical complex and 520mw power plant in refinery & fertilizer complex.
Alhaji Dangote shared that Dangote Industries had evolved over the last 2 decades, from a commodity trading company to a diversified conglomerate.
The African Business icon was confident that the refinery and petrochemical project when completed, will ensure fuel sufficiency for Nigeria.
Speaking further he said by 2018, 60,000 additional jobs will be created through the Dangote Petrochemical Refinery complex, which is currently under construction.
On the current economic recession, Dangote reiterated the commitment of his group to renewed investments in the economy that will spur growth.
Giving the analysis on the petrochemical refinery, Group Executive Director, Dangote Industries Mr D.V.G Edwin informed the business leaders that the petrochemical complex, will gulp over $9bln in investments.
Mr Edwin further stated that about $5bl of forex earnings, will be saved annually through the project, adding that over $7.5bl per annum forex savings will be achieved through import substitution.
Looking at the area of value creation, Mr Edwin asserted that the refinery/petrochemical complex will utilize Nigerian crude & Natural Gas, maximize gasoline which is in high demand, minimize low value fuel oil, maximize value added petrochemicals Polypropylene & Polyethylene, minimize low-value fuel oil and the adoption of state-of-the-art technology.
The Dangote refinery/petrochemical under-sea gas pipeline project will also provide about 12,000mw power to Nigeria, which will boost the gross domestic product (GDP) of the economy.