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Dangote Refinery will save Nigeria $3 billion annually – Obaseki

May 23rd 2023, 9:14:51 pm

Obaseki is happy Nigeria will finally be able to export locally-refined petroleum products.

Edo State governor, Godwin Obaseki [Edo State Government]

Obaseki, in a statement made available to newsmen in Benin, said that the refinery was a game changer for Nigeria, adding that it had opened a new vista of opportunity for the nation’s economy.

He commended the ingenuity, dexterity and inimitable entrepreneurial spirit of the President of Dangote Group, Aliko Dangote.

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"The petroleum refinery, with a capacity to process 650,000 barrels per day (bpd) is sitting on 2,635 hectares of land, located in the Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will provide employment for more than 100,000 people.

"Beyond the commissioning, the fact that we have finally got to the position where we can begin to refine products, particularly petrol and diesel locally, is a breakthrough.

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"What this means is that we will be saving up to $3 billion in a year by not importing petroleum products.

"That’s more than the amount we spend today on all our infrastructure, education and health. That sort of money is coming back to the government for growth.

"But beyond this, there is the certainty of supply and capacity to not only produce for your market but to be able to export to the rest of the continent.

"And, not just importing the kind of products you used to import, you are now processing and refining better quality products of international standard," he said.

The governor said that before now, the bulk of what used to be brought to the country was low-grade, thus affecting the vehicles using petroleum products.

"Today, we are producing something that is of international grade and you can now sell the end-product," he said.

News Agency Of Nigeria

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