Calls it game changer for Nigerias economy
The newly commissioned Dangote Petroleum Refinery & Petrochemicals is set to help Nigeria save not less than $30billion in refined petroleum products importation whilst boosting the foreign exchange inflow by $10billion.
This is as President Muhammadu Buhari said the plant would advance Nigerias drive towards self-sufficiency in food production, among other national objectives.
Speaking at the commissioning of the Dangote Refinery and Petrochemicals Complex in Lagos yesterday, the Central Bank of Nigeria, (CBN) governor, Godwin Emefiele, noted that the Dangote Refinery which has the capacity to process 650,000 barrels of crude oil per day and is the largest single-train refinery in the world, would enhance a surge in foreign exchange which will further strengthen official reserves and promote exchange rate stability.
Noting that the impact of the savings is expected to be reflected in Nigerias foreign exchange reserves by reducing the pressure on balance of payments, he said there are also substantial benefits that we will gain from the export of refined products to the rest the world.
In addition to the nearly US$30 billion foreign exchange savings from the reduction in petroleum imports, the economy is projected to benefit an extra US$10 billion of foreign exchange inflow annually through the export of refined petroleum products, which will further boost our official reserves and enhance exchange rate stability, he further stated.
Meanwhile, Emefiele noted that Dangote Group had started repaying some of the commercial loans even before the commissioning of this facility, which he noted reflects the commercial capability of the Group and its Chairman.
In his keynote address, an elated President Buhari said the Dangote refinery underscored the resilience of Alhaji Aliko Dangote, adding that the plant would advance Nigerias drive towards self-sufficiency in food production, among other national objectives.
According to him, the Dangote Refinery, which is adjudged the largest refinery in Africa, along with the fertilizer plant, would assist Nigerians in their pursuit of agriculture as a real business and contribute to the stabilisation of the countrys oil sector.
