Dangote Refinery will generate $21bn, employ over 100,000 youths: Aliko

*Aliko Dangote, President/Chief Executive of Dangote Industries Limited assures the Nigerian consumers that 40 percent of the production capacity of the newly-commissioned 650,000 bpd will be available for export, as the  plant also guarantees raw materials for plastics, and pharmaceuticals industries in the West African country

Isola Moses | ConsumerConnect

Aliko Dangote, President of the pan-African Conglomerate, Dangote Industries Limited (DIL), Monday, May 22, 2023, disclosed that the newly commissioned 650,000 barrels per day (bpd) refinery, in Lagos, would employ over 100,000 Nigerians youths as well as generate over $21 billion.

ConsumerConnect reports that Dangote, amid encomium from eminent personalities, including President Muhammadu Buhari, and five other African Heads of State, disclosed the development would also, save the West African country huge foreign exchange (Forex), that will have been used for fuel importation.

The company, according to him, now has over 33,000 employees.

Much to the excitement of Nigerians, Dangote also said the commissioning had marked the beginning of the new journey of the self-sufficiency in refined petroleum products and exportation of same just as been achieved in Cement and lately fertilizer.

The DIL Chief Executive, however, lamented that the current fuel crisis has had a negative impact on the Nigerian 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.

Dangote further highlighted events leading to his firm deciding to build its own refinery after his attempt to acquire one of the existing moribund ones did not materialise.

He recalled that he decided to change marketing strategy, and settle for gigantic project ever undertaken by an individual world over.

Significance of Dangote Refinery to Nigeria, other economies

The refinery plant, he noted, would be run at the highest effective and efficient level for maximum benefits to all Nigerians, stressing “we will replicate what we achieved in cement and fertilizer by attaining self-sufficiency and becoming net exporter.

Dangote as well assured Nigerian consumers that 40 percent of the production capacity would be available for export with the coming on stream of the plant guaranteeing raw materials for plastics, and pharmaceuticals industries in the country.

Commissioning the refining facility a milestone for Nigeria, says Buhari

In his remarks at the event Monday, President Buhari congratulated Dangote Group on the inauguration of the sprawling 2,635-hectare facility located at Ibeju-Lekki, in Lagos.

The Nigerian President said: “The 650,000 barrels a day of crude which will enable our country to achieve self-sufficiency in refined products and even have some supplies for export saying the government and people of Nigeria are proud of the doggedness and tenacity of Dangote as entrepreneur.

Buhari also stated: “This feat at this time of the nation’s economic development clearly made this event a notable milestone for our economy and the game changer for the downstream petroleum products not only for Nigeria but the entire African continent.

“Dangote Group has helped transform our economy from heavy import dependence to a net exporter in some critical industries, including cement and Fertilizer.”

He further noted that the Nigerian economy, which has been stressed for several decades by huge deficits in economic infrastructure and over a decade of insurgency, has also been severely impacted by several external crises.

According to him, these include the global financial crisis, the Coronavirus (COVID-19) pandemic and the Russia-Ukraine war.

Buhari said: “The consequences of these challenges constitute a severe strain on our economy and limiting government’s ability to provide basic infrastructure without resorting to borrowing. “Government, therefore, decides to focus attention on creating an enabling environment for the private sector to thrive and fill the enormous gap in investments not only in infrastructure, but also in all critical sectors.”

The President also noted: “We recognise that without active participation of the private sector and a strong commitment to public-private partnership, the economy will not be able to continue to meet the challenge and economic growth.”

He, therefore, expressed the hope that the coming administration would continue to apply such innovative schemes to accelerate the fruition of critical infrastructure, in particular roads and gas pipelines.