The Federal Government may save about N35tn in fiscal expenditure within the next five years with the commencement of operations at the Dangote Refinery and Petrochemicals, according to the Governor of the Central Bank of Nigeria, Godwin Emefiele.
He made this statement on Monday during the ceremony to inaugurate the Dangote Petroleum Refinery and Petrochemical facility in Ibeju-Lekki, Lagos.
President Muhammadu Buhari, who inaugurated the refinery, said, “I recall that just about a year ago, I was here to commission your fertiliser (plant) and had the opportunity to briefly inspect this refinery complex which was under construction. The Group Chairman, Aliko Dangote, assured me that the refinery will be ready for commissioning before the end of my tenure.”
“I’m aware that this is not the first time that the Dangote Group under Alhaji Aliko Dangote’s leadership is putting Nigeria on the global map through his bold investments in key industries,” Buhari continued. “This has helped to transform our economy from heavy import dependence to a net exporter in some critical industries including cement and fertiliser.”
At the inauguration, Buhari described the refinery as a game-changer, while Aliko Dangote, the Founder/Chairman of the Dangote Group, declared that the facility would put an end to the inflow of toxic substandard petroleum products into Nigeria.
“Our first products will be in the market before the end of July, beginning of August this year,” Dangote stated. He also revealed the refinery’s plan to export to 53 African countries that depend on other countries for petroleum products.
Meanwhile, Emefiele disclosed that the Dangote Refinery and Petrochemicals could spare Nigeria about N5tn to N7tn annually in the fiscal expenditures of the federal government over the next five years.
He said, “Thankfully, the Dangote Refinery and Petrochemicals could spare Nigeria about N5tn to N7tn annually in fiscal expenditure of the federal government over the next five years.”©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.