Tuesday, 4 October 2016

Dangote Refinery $17 Billion Project To Create 300,000 Jobs

Dangote Group $17 billion refinery project is assumed to create around 300,000 direct and indirect employments by the first quarter of 2019.Dangote Refinery $17 Billion Project To Create 300,000 Jobs

Unveiling this last week, the Chief Operating Officer, Olakunle Alake, said the project would be the single biggest stream on the planet.

As indicated by him, "the refinery and fertiliser projects will create openings for work for the communities and Nigerians when they get to be operational. "The refinery will have a refining limit of around 650,000 barrels of crude a day."

Alake said the project would drive down the cost of petrol in the nation and spare cash spent on importation.

While clarifying that tasks, for example, these would enhance government income and wean Nigeria from depending exclusively on unrefined petroleum trade, he said that the most ideal approach to enhance Nigeria's economy is through agribusiness, which educated the setting up of the manure plant close by the refinery.

Alake said that the 98 percent of basic engineering on the fertiliser plant had been executed, while the development had advanced by 30 percent. "When we complete our gas pipeline it will have the capacity to create around 12,000mw which can be sent out to other African nations.

"We will have the ability to store four billion liters of items and load 2,680 trucks for every day. The undertaking will help the nation with around 7.5 billion dollars outside trade investment funds on importation.

"It will also generate five billion dollars foreign exchange earnings from savings and another 5.5 billion dollars export earnings," he said.

Alake, who gave assurance that there would be market for the refined products, said that only three countries in Africa had effective and functional refineries, while others imported.

According to him, "By the time we complete this project, there will be opportunity to take on agriculture and say bye to poverty because there will be jobs; no sector has more job potential than agriculture.

"Though the project is an ambitious one but when completed it will give Nigeria a new economic direction in its quest for economic diversification."

"We aim to complete the projects within the time frame to assist in easing the foreign exchange problem in the country now.

"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."


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