Presidents Gnassingbé Eyadéma of Togo, Nana Akufo-Addo of Ghana, Macky Sall of Senegal, Mohamed Bazoum of Niger Republic, and Mahamat Déby of Chad, were among dignitaries that joined President Muhammadu Buhari to inaugurate the Dangote Petroleum Refinery and Petrochemical Project in Lagos state on Monday.
It is a subsidiary of Dangote Industries Limited which is owned by Alhaji Aliko Dangote.
Other prominent personalities at the event include Vice President-elect, former senator Kashim Shettima, Senate President, Alhaji Ahmad Lawan, his immediate predecessor, Dr Abubakar Bukola Saraki, Chairman of the Progressive Governors’ Forum , Governor Atiku Abubakar Bagudu, Governor Jide Sanwo-Olu, Governor Ademola Adeleke, Dr Deji Adeleke , APC National Chairman, Alhaji Abdulahi Adamu, former Chief of Army Staff, retired General Yusuf Buratai, Senator Sadiq Umar, Senator Phlip Aduda , Senator –elect , Edo North, Comrade Adams Oshiomole, Group Managing Director of the NNPC, Mele Kolo Kyari and the governor of Central Bank of Nigeria, Mr. Godwin Emefiele.
Giving his speech, Chairman and CEO of Dangote Group, Alhaji Aliko Dangote promised that the first product of the new-build Refinery ‘will be in the market before the end of July this year’.
‘Beyond today’s ceremony, our first goal is to ramp up production of the various products to ensure that within this year, we’re able to fully satisfy our nation’s demand for higher quality products’ he said.
The refinery would also according to him help the country to end import dependency and stop ‘once and for all’, the idea of toxic, substandard petroleum products finding their way into Nigeria’s market.
‘Beyond this, we intend to ensure that our plants are run at the highest capacity of utilization and the highest efficiency to enable us to export competitively to other markets, especially in the ECOWAS and wider regions in which 53 countries out of 55 are dependent on imports to meet their petroleum products demand’ he added.
Dangote commended President Muhammadu Buhari for giving him moral support noting that this had helped greatly in instances that he had gotten discouraged.
‘Let me start with Your Excellency, Mr. President. Your sustained support and encouragement over the past eight years have been, for me personally, a source of great motivation and strength. At times when I felt like giving up, your confidence and quiet words of assurance have made the difference. Mr President, I thank you from the bottom of my heart’ he said.
He also thanked the Lagos state government and those, who had served as governors in the state since 1999 , for their support.
‘Those like me, who have made Lagos our home will testify that since the beginning of the current democratic dispensation, the government of Lagos state has been exceptionally remarkable in its commitment and support for the private sector.
From the tenure of the President- Elect, H.E Asiwaju Bola Ahmed Tinubu, who established the Lekki Free Zone, to the incumbent governor, H.E Babajide Sanwolu, who has been most proactive in ensuring the successful execution of this project, the state government has indeed demonstrated great commitment to promoting an investment friendly climate, which made it possible for Our Group to invest over $30billion in various industries in the state economy over that period.
I would like to express our deep appreciation and gratitude to the Lagos state government and its successive governors for the resolute facilitation of this enabling business environment’ he added.
Governor Jide Sanwo-Olu also commended Alhaji Aliko Dangote for the commendable steps he had taken submitting that he has built the biggest empire in the world for Africa.
‘The first story is about a young Nigerian 45 years ago and you see the coincidence in the story. 45 years ago, who came to Lagos, all the way from another mega-city, Kano, who saw the prosperity, the diversity of our country, who came with nothing but in 45 years he has built the biggest empire in the world for Africa’ he said.
The governor of Central Bank of Nigeria, CBN , Mr Godwin Emefiele, has also disclosed that Alhaji Aliko Dangote, has begun to repay some of the loans used in financing the Refinery and Petrochemicals project.
Giving his address during the event , Emefiele noted that the refinery project which was initially estimated to cost about $9 billion when it started in 2013, was completed with a total of $18.5bn with funding distributed into 50 percent equity investment and 50 percent debt finance.
‘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 inauguration 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’ he said.
The Dangote Petroleum Refinery and Petrochemicals is located in Ibeju, Lagos state, covering a land area of approximately 2,635 hectares; it is the world’s Largest Single-Train 650,000 barrels per day Petroleum Refinery with 900 KTPA Polypropylene Plant.
The Refinery is also powered by a 435 MW Power Plant and at full capacity, it can meet 100% of the Nigerian requirement of all refined products and also have surplus for export.
Designed for 100% Nigerian Crude with flexibility to process other crudes, it has a self-sufficient marine facility with ability for freight optimization while it is the largest single order of 5 SPMs-Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980. Thank you
