•••Why We Invested $18.5 billion In Refinery-Dangote
President Muhammadu Buhari on Monday, played the host to six African heads of states and government as he arrived Lagos for the commissioning of the Dangote refinery, situated at the Ibeju-Lekki.
The refinery which occupies 2,635 hectares of land has the capacity to process 650,000 barrels per day (bpd) and is expected employ over 100,000 persons.
Governor Babajide Sanwo-Olu, and the President/CEO, Dangote Group, Aliko Dangote, welcomed the outgoing President, on arrival in Lagos.
Other African presidents, at the inauguration of the Dangote Refinery alongside President Buhari are President Gnassingbé Eyadéma of Togo, President Nana Akufo-Addo of Ghana, President Macky Sall of Senegal, President Mohamed Bazoum of Niger Republic, and President Mahamat Déby of Chad who was represented by his President.
Although, the President-elect, Asiwaju Bola Tinubu did not attend the historical event, he was represented by the Vice President elect, Kassim Shettima.
Also in attendance was the Presidential Candidate of the Labour Party, Peter Obi, the Governor of Central Bank, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC), Mr Mele Kyari, Femi Otedola, chairman of Eleganza Group, Rasaq Okoya and wife Shade.
Governors, governors-elect, top traditional rulers, gubernatorial candidates, ministers, senators, and captains of industries also graced the event.
There are reports that the refinery, the largest in the world, would satisfy 100 percent fuel needs of Nigeria as it would deliver a surplus of about 38 million litres of petrol, diesel, kerosene and aviation fuel for country daily,
Speaking at the event, Buhari described the commission of the refinery as a major breakthrough in the downstream sector of the nation’s petroleum industry and indeed the African continent.
The President, commended the President of Dangote Group, Aliko Dangote’s for the effective execution of the 650,000 barrels per day refinery.
He said that the refinery shows in clear terms what entrepreneurs can contribute in the area of economic development when the requisite support and environment is provided.
Buhari urged African countries to make bold to eliminate the barriers to trade, integrate their economies and ensure the actualization of the Agenda 2063 for the prosperity of the continent:
He stressed the need for African countries to come together, integrate their economies, eliminate trade barriers, and rally their populations to achieve Agenda 2063 for the continent’s prosperity.
“This mega industry we are commissioning today is a clear example of what can be achieved when entrepreneurs are encouraged and supported and when an enabling environment is created for investments and for businesses to thrive.
“I am confident that my successor, His Excellency Asiwaju Bola Ahmed Tinubu, will sustain the improvement in our economic and business environment and strengthen the framework of our public private partnership policies to accelerate the pace of our economic growth and development.
“I am happy to leave our economy in very competent hands.
“I urge and encourage our other great entrepreneurs to emulate this iconic Nigerian industrialist and join the government in accelerating our growth in order to realize our country’s globally recognized economic potential.
“When I travel around Africa and meet and engage my brother Heads of State (and I am delighted some of their Excellences are here) I often sense a quiet expectation that our country is blessed with resources and human capacity to lead Africa’s rise to economic prosperity and the attainment of Agenda 2063 – ‘The Africa we all want.’
“But to achieve the goals of Agenda 2063, Africa must come together – we must integrate our economies, eliminate barriers to trade and energise our youthful population to scale up our productive capacity.
“We must create necessary conditions for our private sector to grow and partner with the public sector to accelerate economic growth across the continent.
“We must not allow outside powers to use some of our leaders to destabilise our economic and political trajectory.”
In his remarks, Dangote said he invested over $18.5 billion in the refinery which he described as the largest in the world, to support and make the necessary contribution to the Federal Government’s effort to transform Nigeria’s economy.
He said that the refinery was equipped with the best plants, equipment and latest technology in the world.
He said that the products, Premium Motor Spirit (PMS), Automotive Gas Oil (Diesel), Aviation Turbine Kerosine (ATK), are designed meet to highest quality Euro V Standards.
He said that the refinery will not only enable Nigeria to meet its fuel needs but also become a key player in the African and global markets.
“We have built a refinery with a capacity to process 650,000 barrels per day (plus 900,000 tonnes of polypropylene) in a single train – which is the largest in the world. We have selected the best plants and equipment and the latest technologies from across the world.
“Our products slate is designed to meet the highest quality standards and high-value products including Premium Motor Spirit (PMS), Automotive Gas Oil (Diesel), Aviation Turbine Kerosine (ATK); all of Euro V Standards that will enable us not only meet our country’s demand but also to become a key player in the African and global market.
“Our coastal location and offshore loading and offloading (SPM) facilities with a capacity to receive all our crude oil supplies and evacuate up to 75 per cent of our liquid products give us direct access to the rest of Africa and the global market for exports. In addition, 80 percent of our production can be discharged through trucks nationwide.” He said
