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Billionaire’s refinery will help Nigeria save $5b - Alake

Alake also added that the refinery project will create 300,000 direct jobs when it is fully completed.

Aliko Dangote.

Alake also added that the project will create 300,000 direct jobs when it is completed.

According to Alake, the $17b refinery will be producing 650,000 barrels of crude a day, adding that the price of fuel will be forced to go down when it comes on stream.

He said “The refinery and fertiliser projects will create job opportunities for the communities and Nigerians when it becomes operational.

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“The refinery will have a refining capacity of about 650,000 barrels of crude a day.

“By the time we finish our gas pipeline it will be able to generate about 12,000mw which can be exported to other African countries.

“We will have the capacity to store four billion litres of products and load 2,680 trucks per day.

“The project will aid the country with about 7.5 billion dollars forex savings on importation.

“It will also generate five billion dollars forex earnings from savings and another 5.5 billion dollars export earnings.”

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He also said “We aim to complete the projects within the time frame to assist in easing the forex problem.

“We appeal to the Federal Government to support these private initiatives by providing funding for the projects.

“However, government through the Bank of Industry schemes has given us a credit facility of N50 billion to develop the fertiliser plant.

“We have also gotten another N75 billion approval for the refinery, which we have not yet accessed.”

Femi Falana recently slammed Aliko Dangote for calling on the Federal Government to sell some national assets to raise money.

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