Akinwumi Adesina tours Dangote Refinery, says it will transform Nigeria’s economy

During the tour of the Dangote Petrochemical Complex and Fertiliser Complex, which lasted over eight hours, Adesina made a stop at the refinery, after which he addressed the press, including Pulse.

Lamenting how the refinery would transform Nigeria’s economy, Adesina said there would be more foreign exchange (forex), adding that exporting to other countries through the project would also transform the condition of Nigeria’s economy, such that it would become globally competitive.

“You see an acceleration of how to reduce imports. You see an acceleration of how to have an outbound on export,” the AfDB President said, as he expressed his opinion on how the refinery would help Nigeria. “As I came here to this petrochemical complex, the thing that came to my mind was ‘industrialisation in its fullness’.”

He continued: “Africa today has probably about $38 trillion worth of natural resources, which includes oil and gas, and agriculture. Sadly, we keep exporting raw materials, and the wealth of nations, which to me, are not sustainable.

“It is very clear that those countries that export raw materials will become poor. And the countries that export value-added products eventually become rich. This is because, amongst other things to consider, they dominate the top of the value chain.”

While heaping praises on Dangote for being one the few elites that are putting all their resources and money in Nigeria, and Africa at large, Adesina said with the petrochemical and Fertiliser projects, it has become more evident that Africans and the continent can be known for world-class things.

The investments that I've seen here have taught me in many ways that there’s a lot Africa can be known for, amongst which is world-class stuff. I’ve not realised that Africa and Africans can actually be world-class.

“For instance, the petrochemical complex here is a record-setter. When you look at the procurements and infrastructures Nigeria can now take pride in because of the project, you would realise how big Africa has now become,” he exemplified his assertion.