President Muhammadu Buhari Monday inaugurated Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, which is expected to enable Nigeria to achieve self-sufficiency in refined products and have surplus for export.
He commended Dangote’s vision of executing the 650,000 barrels per day refinery and advised other entrepreneurs to emulate his example in driving economic growth and realizing Nigeria’s economic potential.
He charged incoming administration to sustain economic improvement and strengthen the framework of public private partnership policies to accelerate the pace of economic growth and development.
Alhaji Aliko Dangote emphasised the refinery's role in fulfilling the group's corporate vision of promoting self-sufficiency and global competitiveness.
''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.
''Our coastal location and offshore loading and offloading (SPM) facilities with a capacity to receive all our crude oil supplies and evacuate up to 75% of our liquid products give us direct access to the rest of Africa and the global market for exports. In addition, 80 percent of our production can be discharged through trucks nationwide.''
He disclosed that the huge investment of over $18.5billion in this industry was prompted by the company's desire to support and contribute its quota to the Federal Government’s sustained effort to transform the economy and reposition Nigeria as the leading nation in Africa, and a respected member among emerging economies in the world.
According to him, apart from ensuring a consistent supply of high-quality fuels for the transportation sector, the refinery will provide essential raw materials to a wide range of manufacturing sectors, including plastics, pharmaceuticals, food and beverages, packaging, construction, and more.
He further stated that the refinery's operation and related businesses would generate a substantial number of job opportunities, while the downstream supply and distribution of its products would significantly contribute to the absorption of labor, potentially benefiting hundreds of thousands of individuals.
''Once our plant is fully on stream, we expect that at least 40% of the capacity will be available for export and this will result in significant Foreign Exchange inflows into the country.
"Overall, we are committed to operating our Plant in line with international best practice requirements, recognizing the importance of protecting the environment, and putting in place stringent environmental, health and safety policies to ensure that the Refinery operates in a safe and sustainable manner,'' he said.
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