APA – Lagos (Nigeria)
Nigerian President Muhammadu Buhari says that the coming onstream of the Dangote Refinery in Lagos is a significant milestone for the Nigerian economy and a game changer for the downstream petroleum products market in the entire African region.
Inaugurating the 650,000 barrels per day refinery on Monday in Lagos, Buhari said that the refinery would enable Nigeria achieve self-sufficiency in refined products and have surplus for export.
‘‘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,” he said.
The Nigerian leader, who commended Alhaji Aliko Dangote’s leadership in executing the refinery project, urged other entrepreneurs to emulate his example in driving Nigeria’s economic growth.
He also urged African countries to come together, integrate their economies, eliminate trade barriers, and rally their populations to achieve Agenda 2063 for the continent’s prosperity.
‘‘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 Excellencies 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 energize 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 destabilize our economic and political trajectory,’’ he said.
President Buhari acknowledged the visionary investments made by the Dangote Group, under the leadership of Dangote, in transforming Nigeria’s economy through its involvement in critical industries such as cement and fertilizer.
He noted that investment in these sectors have played a crucial role in shifting Nigeria from heavy import dependence to becoming a net exporter.
In his welcome speech, the President of Dangote Industries Limited, Alhaji Aliko Dangote, stated the goal of his company is to ramp up production of the various products to ensure that within this year, “we’re able to fully satisfy our nation’s demand for higher quality products”.
Dangote commended the Nigerian President for the support and encouragement and also appreciates the Governor of the Cemtral Bank of Nigeria, Mr Godwin Emefiele for “moving mountains” in the course of the refinery project.
He assured that the refinery would run at the highest capacity of utilisation and the highest efficiency to enable in order to export competitively to other markets, especially in the ECOWAS and wider regions in which 53 countries out of 55 are dependent on imports to meet their petroleum products demand.
According to him, the refinery project is the realisation of a “clear opportunity” for Nigeria, citing the African Union’s commitment to the creation of an African common market through the African Continental Free Trade Area (AfCFTA).
”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,” Dangote added.
Local media reports said that the Presidents of Ghana, Togo, Niger, Senegal and a representative of the President of Chad, attended the inauguration of the Dangote Refinery.
GIK/APA