Dangote Refinery ‘ll save Nigeria $3b annually from importation – Obaseki

Date:

May 24, 2023.

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Azonuchechi Chukwu.

Gov. Godwin Obaseki of Edo, on Tuesday, said that the newly-inaugurated 650,000 barrels per day (bpd) Dangote Refinery and Petrochemical Company will save Nigeria over $3 billion annually from importation of petroleum products.

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, Alhaji Aliko Dangote.

“The petroleum refinery, with 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.

“What this means is that we will be saving up to three billion dollars in a year for 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 the petroleum products.

“Today, we are producing something that is of international grade and you can now sell the end-product,” he said.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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