The President of Dangote Group, Aliko Dangote revealed that the Dangote Petroleum Refinery will generate $11 billion per annum.
Dangote said the refinery will meet 100 percent daily Nigerian consumption of all refined products. He also noted that there will be surplus for export.
According to Africa’s richest man, the refinery and petrochemical projects include: world second largest Urea plant with capacity to produce three million tons per annum; the largest sub-sea pipeline infrastructure in any country in the world, 1100 km, to handle three billion standard cubic feet of gas per day; world scale gas treatment stations; world-class petrochemical complex; 480MW power plant and 500 KPTA polyethylene plant.
Dangote noted that the project, which will be the largest single train refinery in the world upon completion, will create no fewer than 100,000 indirect jobs, 26,716 filling stations and 129 depots in Nigeria. The ongoing construction of the project has encouraged the employment of 1,500 direct labour, 100,000 contractors on site and 10,000 service providers.
The project is expected to commence in April 2020 and will create ease of product availability and 26,000 trucks for transport.
Dangote said “the projects will make Nigerian become the largest exporter of petrochemicals and biggest exporters of refined petroleum products in Africa. Our gas pipeline project will transport 3 billion standard cubit feet per day of gas. I hope and pray that other Nigerians will join us in developing the country”.
It was reported that the Central Bank of Nigeria would provide funds worth 75 billion naira for the Dangote Refinery. The Governor of the Central Bank of Nigeria, Godwin Emefiele also noted that Dangote has already invested about 50 percent of the $9 billion dollars needed to complete the project. The remaining 50 percent is expected to be sourced as loans from both local and foreign lenders.