By: HighCelebritySquard
Amid encomium from eminent personalities, which included President Mohammadu Buhari and five other African heads of state, President of the pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote disclosed yesterday that the newly commissioned 650,000pbd refinery would employ over 100,000 Nigerians youths as well as generate over $21 billion, therefore saving the country huge forex, that would have been used for fuel importation. The company, according to him, now has over 33,000 employees.
Much to the excitement of Nigerians, Dangote said the commissioning has marked the beginning of the new journey of self-sufficiency in refined petroleum products and exportation of same just as been achieved in Cement and lately fertilizer.
Dangote lamented that the current fuel crisis has had negative impact on the nation’s economy and that informed his decision to build a world class refinery that would change the trend and that though faced challenges but decided to trudge on.
US$18.5 billion with funding distributed into 50 percent equity investment and 50 percent debt finance. I am proud to state that the commercial loan component of the project was financed majorly by our domestic banks with the balance sourced from foreign banks. The Central Bank of Nigeria also partnered, as always, with the Dangote Group in ensuring the successful completion of the project by providing about N125 billion, to cover domestic currency requirements for the venture.
“What you may not be fully aware of, Your Excellencies, is that the Dangote Group has started repaying some of the commercial loans even before the commissioning of this facility. This reflects the commercial capability of the Group and its Chairman. I am pleased to inform everyone today that, following extensive repayments, outstanding debt has dropped appreciably from over US$9 billion to US$3 billion.”
The CBN Governor commended Nigerian banks saying they did not only partnered with the project through effective financing but were keenly aware of the importance of the project for our nation. “They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due.”
He described the successful completion of the refinery to President Buhari’s astute vision to ensure that Nigeria produces what Nigerians consume and that we consume what we produce. “The refinery and petrochemical project by the Dangote Group is a testament to your vision for Nigeria. It shows that, regardless of what the world thinks, Nigeria can be self-sufficient in all products that we consume and at the same time export our excess output to the rest of the world.”
“Aside enumerating our strategic efforts in the agriculture and other critical sectors, a sterling projects that we highlighted was the gigantic Dangote Refinery and Petrochemical project. The world doubted our willpower to succeed with this project. In hindsight, I could appreciate their skepticism because they do not understand how a single individual could build a refinery capable of serving an entire nation. To them, projects of this magnitude are usually only undertaken by sovereigns not individuals.”
Group Managing Director of the Nigerian National Petroleum Company Ltd (NNPC), Mele Kolo Kyari said the NNPC was happy to partner Dangote Refinery because the project has potentials for smooth supply of petroleum and it would guarantee healthy competition for the benefits of the nation’s economy.
He said the NNPC Ltd. was committed to value addition to the potentials of the project noting that the new Petroleum Industry Act will provide security of supply of refined products and protect the plant. The NNPC boss added that his was happy the refinery is coming on board at a time the subsidy on imported products has become unbearable for government.
In their respective goodwill messages, Presidents of Ghana, Senegal, Niger, Benin Republic and Chad expressed satisfaction that the Dangote Refinery will serve the West African region and that their countries would be beneficiaries saying the Dangote Refiner is an African company for Africa by an African entrepreneur.
L-R: Lagos State Governor, Babajide Sanwo-Olu; Senate President, Sen. Ahmad Ibrahim Lawan; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; President of Federal Republic of Nigeria, Muhammadu Buhari, cutting the tape; President of Togo, Faure Gnassingbe; Ogun State Governor, Dapo Abiodun; and Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, at the commissioning of Dangote Petroleum Refinery and Petrochemicals FZE, (650,000 barrels per day Petroleum Refining and 900,000 tonnes per annum Polypropylene Production) in Lagos on Monday, May 22, 2023.
L-R: Senate President, Sen. Ahmad Ibrahim Lawan; Vice President-Elect, Sen. Kashim Shettima; Lagos State Governor, Babajide Sanwo-Olu; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; President of Federal Republic of Nigeria, Muhammadu Buhari, at the commissioning of Dangote Petroleum Refinery and Petrochemicals FZE, (650,000 barrels per day Petroleum Refining and 900,000 tonnes per annum Polypropylene Production) in Lagos on Monday, May 22, 2023.
L-R: President/Chief Executive, Dangote Industries Limited, Aliko Dangote; President of Federal Republic of Nigeria, Muhammadu Buhari; President of Ghana, Nana Akufo-Addo; President of Senegal, Macky Sall; President of Niger, Mohamed Bazoum; President of Togo, Faure Gnassingbe, at the commissioning of Dangote Petroleum Refinery and Petrochemicals FZE, (650,000 barrels per day Petroleum Refining and 900,000 tonnes per annum Polypropylene Production) in Lagos on Monday, May 22, 2023.
