The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday told news men that the Dangote Refinery, Petrochemical and Fertilizer projects would solve the country’s crude oil refining and exporting challenges in the country, when completed.
Alhaji Debo Ahmed, who is the Chairman of the Western Zone of IPMAN said in Lagos that the refinery would address the lingering problem of importing refined products into the country.
Ahmed Stated that the $16b investment project will revive the oil and gas sector when it finally starts. He appealed to all stakeholders and agencies to support the actualisation the Dangote dream of building such a refinery so as to address the challenges facing the nation’s oil and gas sector.
Ahmed said that the Dangote refinery would Produce 650, 000 barrels per day and that would have a great multiplier effect on the nation’s economy when it starts. It will then be able to supply 95 per cent of local daily consumption.
“It is also expected that half of Nigeria’s crude would then be refined and exported, rather than just exporting crude, to create jobs elsewhere,” he said. The IPMAN boss, therefore, urged government to harness the potentials of the private sector to make the national economy recover speedily.
“The Dangote Refinery, Petrochemicals and Fertilizer Project, which is reputed to be the biggest in Africa, when completed, will offer a lot of relief in the quest for the diversification of Nigeria’s economy from a total dependence on oil to other areas like agriculture and solid minerals.
“We have been assured that when the project fully takes off, it would save the country over 12 billion dollars now being spent on the importation of oil into the country. It has also been said that it would as well save for Nigeria about three billion dollars per annum on forex from exports,” he added.
”The IPMAN official said it was, therefore, needful for government to support the project to come on stream, adding that the company had substantial compliance to local content development since most of its jobs were being handled by Nigerians
The 650, 000 BPD refinery project that is located in the Lekki Free Trade Zone in Lagos is planned to come on board proper by 2019, and expected to increase to 90 per cent by 2030.
Major construction work on the ongoing Dangote Refinery project commenced since 2013. (NAN)