crude oil
crude oil

Nigerian billionaire Aliko Dangote’s refinery projects would solve half of the country’s crude oil refining and exporting challenges when completed in 2019, an official said Thursday.

The 16 billion U.S. dollars investment would ensure availability of products in the downstream sector, Technical Consultant on Refinery Babajide Soyode told reporters in Lagos, Nigeria’s economic hub.

He said the 650,000 barrels per day refining capacity of the Dangote Refinery, when completed, would significantly boost the economy of Lagos and Nigeria in general, adding that the projects would have great multiplier effect on the nation’s economy.

According to him, the good news is that the refinery alone, when completed, can supply 95 percent of local daily consumption of petroleum products.

The expert added that Nigeria is likely to be an exporter of petroleum products in 2019.

Soyode said the projects, reputed to be the biggest in Africa when completed, offered hope in the quest for diversification of Nigeria’s economy from total dependence on oil to other areas like agriculture and solid minerals.

He added that government at all levels had expressed amazement at the size of the project and had reiterated their preparedness to provide enabling environment for businesses to thrive.

He urged government to harness the potential of the private sector to make the nation’s economy recover speedily.

The technical consultant said investment in fertilizer was one sure way the diversification into agriculture could succeed because it will amount to little if focus is directed to agriculture and fertilizers are being imported. Enditem

Source: Xinhua/NewsGhana.com.gh

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