Aliko Dangote and CBN Governor, Godwin Emefiele
The Central Bank of Nigeria (CBN) has given assurance to Dangote Group
that it will support it access Foreign Exchange, Forex to build its proposed
$14 billion refinery in the country.
Mr. Godwin Emefiele, the Governor of the CBN, said this during a tour of
the refinery which is projected to refine 650,000 barrels of crude oil per day.
The tour of the facility held at its location within the Lekki Free
Trade Zone in Lagos.
The CBN governor said that the support was to ease the importation of
equipment needed to bring the Dangote refinery to reality.
“Your ongoing 14 billion dollar refinery investment will enjoy our
support, no doubt. We are doing this to fast-track the importation of equipment
you need for a speedy completion of that project and to encourage other
Nigerians to follow your lead” Emefiele said.
According to him, the tour is necessary to lend our support to this
laudable project that will transform Nigeria’s downstream oil sector.
“The Dangote Group approached us to indicate their interest to invest in
refining crude, such that petrol-chemicals, fertiliser and fuel will be
produced, about three years ago.
“Today, the three projects, which are valued at 14 billion dollars (N2.8
trillion), are on course and this is highly commendable, ‘’ he said.
Emefiele said the CBN would continue to support tremendous and impactful
projects that would improve the socio-economic profile of the country through
such investments.
He said the diversification of the Dangote Group was worthy of emulation
by other industrialists.
“By the time this refinery is completed, it will not only service the
needs of our domestic economy but shore up our international oil investments.
“Projects like this and our support will encourage more Nigerians to
begin to think like the Dangote Group,” the CBN boss added.
Alhaji Aliko Dangote, Chairman, Dangote Group, said that the refinery would
commence commercial operations at the early period of 2018.
“We are set to unveil the world’s largest refinery which will make
Nigeria self-sufficient in petroleum products refining and also become a major
exporter of oil.This project will mark a turning point in Nigeria’s search for
local refining of crude oil.
“We will ensure the value chain in crude oil production is uplifted and other
facilitators properly integrated into our scheme,” he said.
The chairman said that the fertilizer production aspect of the refinery would
be completed by 2017.”
Source: Vanguard Business-By Peter Egwuatu, with agency report
