Dangote says his refinery will rake in $26.2 billion for Nigeria annually

Alhaji Aliko Dangote has disclosed that the yet-to-be-completed refinery and petroleum complex in the Lekki Free Trade Zone (LFTZ) will earn Nigerian economy N8 trillion ($26.2 billion) annually.

The Africa richest man made this disclosure at the opening of the inaugural edition of the Lagos-Kano Economic and Investment Summit held at the Jubilee Chalets in Epe, Lagos on Wednesday, February 28. He said this partnership between the two states clearly demonstrates their readiness for serious investments, especially Lagos which has been forging a similar economic partnership with states from others part of the country.

“Lagos is more than ready for business. Our refinery, petrochemical, fertilizer and gas projects will generate N8trillion per annum for Nigeria when fully on stream,” Dangote said.

Nigeria’s Vice president, Professor Yemi Osinbajo also said at the event that about $2billion would be required to revive the Lagos-Kano Rail Line, and stressed that it is part of efforts by the government to boost local and international trade along the Northern and Southern zones.

“For us, what this meant especially in the context of Lagos and Kano collaboration is the refurbishing of the narrow gauge Lagos to Kano Rail with a concession to General Electric who are proposing to invest almost $2billion to ensure that the rail route is effective for movement of cargo from Apapa port to Kano.

“Similarly, we are investing in the Lagos to Kano standard gauge line, the Lagos Ibadan portion of that is expected to be ready by the end of this year. Also, we have budgeted N80billion for the development of special economic zones in the six geopolitical zones of the country,” Osinbajo said.

An American energy and infrastructural development firm, General Electric (GE), is said to have already proposed to invest in the project which will see the movement of cargo from Apapa ports to Kano via the rail line.