Half of Nigeria’s crude will be refined locally, exported by 2021 – Dangote

The Chairman of Dangote Group, Aliko Dangote, has said his Gas Pipeline Project would increase the Gross Domestic Product as well as provide uninterrupted power supply in Lagos.

Speaking during an inspection of his refinery, petrochemical, gas and fertilizer projects by Governor Akinwunmi Ambode in Lagos, Saturday, Mr. Dangote said the projects would also attract other bigger investors into the Zone.

“Our target is that in the next five years or so from now, we hope and we believe that half of Nigeria’s crude will be refined and exported rather than just exporting crude to go and create jobs elsewhere,” Mr. Dangote said.

Mr. Dangote, Africa’s richest man, is building a refinery, petrochemical, gas, and fertiliser projects at the Lekki Free Trade Zone in Lekki, Lagos.

He said the projects would benefit the local communities as at least 65 per cent of people in the catchment area would be employed, while over 1000 would be trained.

“Lagos is one State that is very investor friendly and the Governor himself has always been asking what are the issues and he normally put in place steps to resolve those issues immediately,” he said.

Mr. Ambode said the projects would have great multiplier effects on the Nigeria’s economy.

“Firstly, there is a refinery project that is ongoing, second there is a petrochemical project that is also ongoing,” he said.

“There is pipeline transfer project that brings gas from Bonny down to Olokonla and down to Lekki and then the fourth one is the fertilizer project all in one location.”

Also present at the tour include Yemi Osinbajo, Nigeria’s vice president; Kemi Adeosun, Finance minister; Kayode Fayemi, minister of Solid Minerals; and Okechukwu Enelamah, minister of Trade and Investment.

Mr. Ambode said the vice president’s presence was a sign post of the Federal Government’s support of the project.

He added that the petrochemical plant would be ready by December 2017, the gas project by 2018, and the refinery by first quarter of 2019.

“You can just imagine or visualize what that means to the economy of Lagos,” Governor Ambode said.

“Apart from the 135,000 direct jobs that will be created from the projects, another 100,000 indirect jobs would be generated while income accruable to the Federal Government would be in the region of over $500million in three years.”

Mr. Osinbajo said the when completed, the gas project has a capacity to produce about three billion cubic feet of gas daily, which would permanently address the two billion cubic feet daily gas required to power the country.

“This is incredible if that can be done because it would be a major strategic asset for Nigeria, it would boost our power supply tremendously.”