Dangote Petroleum Refinery will save Nigeria in excess of $11b – Min of Finance

Minister of Finance, Budget & National Planning, Zainab Ahmed has given insight on the impact the Dangote Petroleum Refinery currently ongoing construction would have on the economy, claiming that the nation would save 11 billion dollars that would otherwise been used for importation.

According to her, the refinery will play a huge role in stabilizing the economy, adding that that this singular investment by the Dangote Group will further encourage other investors to appreciate investing into the economy.

She made her observation on Sunday in Lagos while on factory tour of the refinery.

Ahmed said the investment will serve as an engine to the economy with thousands of specialisations created and deployed into the economy. She said:” The potentials are endless and the foresight amazing.

“No doubt once it is commissioned lots of jobs will be created including entrepreneurs . As a government we will leverage on the strength of the private sector to grow the economy.”

It is heartwarming to note that in no distant time we will transit to an exporting country, saving huge foreign exchange in this refinery in the excess of $11 billion”.

She pledged the preparedness of the government to support Dangote Petroleum Refinery to succeed just like other companies in the oil and gas sector.

In his response, the President of Dangote Group, Aliko Dangote said though they faced set-backs initially in terms of price variation and the general poor infrastructure in the nation they were however, determined to succeed and deliver the nation from the trap of importation.

He said they will not only save the nation a whopping $11billion in forex yearly but the Dangote Group will move from a 4 billion dollars revenue company to a 30 billion dollars yearly revenue.

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