After decades of failure by the government to build modern refineries as solution to the incessant fuel scarcity in the country, a new dawn is breaking with the Dangote Lekki Refinery, a private sector investment by Alhaji Aliko Dangote, Nigeria’s foremost business tycoon, adjudged by Forbes as the richest man in Africa. Dangote represents a beacon of hope and inspiration in Nigeria.
His vision for business development in Africa and Nigeria in particular is incomparable and unprecedented. Nigeria is indeed blessed to have him as one of her eminent citizens. His impacts on the socio-economic development of the country resonate in different sectors of the economy.
The refinery is coming as a big relief to Nigerians, who have borne the brunt of the mismanagement of the country’s abundant oil resources. That Nigeria, until recently, the sixth largest oil producer in the world, has no functional refineries is confounding.
Dangote Refinery Update
In March 25th, 2017 it was published that the Lagos State governor, Mr. Akinwunmi Ambode, said about $60million would be pumped into the ongoing development of the Lekki Free Trade Zone (LFTZ) within the next six months.
The governor, who spoke when he met with stakeholders at the Zone, assured that he remains committed to addressing the challenges and ensuring the project is actualised.
“I want to assure that our financial commitment to LFTZ will be improved in 2017, that is, we will accelerate to quickly clear our outstanding counterpart funding for the Zone.
In essence, we expect that in the next six month, we should be having an investment of over $60 million. I believe that when we invest our share of the fund and China Africa Lekki Investment Limited (CALIL) does, it will bring a major development for the Zone,” he said.
The governor said that putting the fund at the Zone at a time when Nigeria was gradually easing its way out of recession would not only improve infrastructure and boost development, but will also help attract more investors to the Zone.
He said over $6billion has been invested in the LFTZ in the last few years, with Dangote Group providing a lion share of about $4billion.
“Over $6 billion has been invested in the Zone in the last few years with Dangote share in the lump sum at $4 billion and we have a land space of over 16,000 hectares of which, just a portion of it is activated.
We are all aware of the investments by Dangote Group and the China Africa Lekki Investment Limited (CALIL), had done as it concerns the partnership they signed with the Lagos State Government. And this partnership made the company own 60 percent while Lagos owns 40 percent.”
Ambode also assured that work would commence on the Lekki Deep Sea Port next month, saying that it was also a critical infrastructure that would attract more investors into the Zone and ensure return on investment.
“With the ongoing construction of the seaport, airport and others, it is obvious that a single road isn’t sufficient for the Zone.
It is now clear that we have to dualise the Lekki-Eleko Road beyond the Zone in order to withstand the influx of vehicle that will be making use of the road to access the Zone. With this, we will be able to sustain the investments in the area,” the governor said.
He expressed optimism that with the Lekki Deep Sea Port, Dangote Refinery and Lekki Airport coming on board, the Lagos East axis would witness massive economic turnaround within the next two years.
Source: Guardian and The Nation Online
Dangote Oil Refinery to Start Operation in 2019
Dangote in an interview with Reuters disclosed that the refinery, estimated to cost some $12 billion, would have the capacity of 650,000 barrels of oil per day.
“It will be ready in the first quarter of 2019, mechanical completion will be end of 2018 but we will start producing in 2019,” the billionaire founder of Dangote Cement said of the refinery.
According to him, the plant will include a $2 billion fertilizer unit, was being funded through “loans, export credit agencies and our own equity,” adding that about $3.25 billion had come from local and foreign banks, while the central bank had also chipped in. The International Finance Corporation, the private sector arm of the World Bank, has lent $150 million.
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