Dangote builds $9billion refinery …Generates 85,000 jobs  

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Dangote Group of companies is set to Invest 9 billion US Dollars in establishing a Refinery, Petrochemical and Fertilizer industry at Olokola Free Trade Zone in Ondo State.

The African richest man said this at the signing of the project loans between Dangote and the participating banks at the Transcorp Hilton Hotel, in Abuja. Alhaji Aliko Dangote said the project, when completed would be the Nigeria’s first private refinery and African largest refinery.

The refinery which is expected to be completed in three years will have the capacity to process 400,000 barrel of crude Oil and would also produce gasoline, diesel, aviation fuel and kerosene.

The President of the Dangote Group, Alhaji Aliko Dangote, further said about 8,000 engineers would be needed for the smooth take off of the nine- billion- dollar Dangote Refinery/Fertiliser plant

And when completed, the refinery would provide direct and indirect jobs for 85,000 Nigerians. NigerianEcho further learnt that The group had secured a 3.3 billion-dollar credit facility from a consortium of banks for the project which hopefully would help Nigeria to end importation of petroleum products by 2016

NigerianEcho investigation shows that Nigeria currently spends about 30 billion dollars annually on importation of petroleum products. The Petroleum import business came under scrutiny and serious criticism in 2011 when President Goodluck Jonathan increased fuel pump price due to petroleum subsidy removal.

In his address, Vice President, Namadi Sambo attributed the feat to the enabling environment created by the economic transformation agenda of the present Government in the boosting development of the downstream sector.

He commended Alhaji Dangote for taking robust advantage of the fiscal programmes of the Federal Government in creating conducive investment environment, saying private investors are the driving force of every economy.

Sambo who reiterated the determination of the Federal Government in giving necessary assistance to any private investor in Nigeria, declared that Nigeria is the best investment friendly Nation in Africa.

Ondo State Governor, Dr Olusegun Mimiko in his address described the project as an expression of confidence in Nigeria. Mimiko noted that citing the refinery in his State will boost the socio-economic development of the State and the people of the host community.

He reassured the investing public that the state government would continue to provide conducive environment to ensure that business thrives in the State. The Governor affirmed that the project would galvanize industrial growth in the State when completed.

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