• Home
  • About Us
  • Contact Us
Wednesday, September 27, 2023
Star Lite News
  • Home
  • News
    • All
    • Business
    Nigeria Passport

    Immigration Cleared 60,000 Passports Backlog In 4 days, Says FG

    Canada

    Canada Announces Visa-free Air tTavel Policy For Nigerians, Others

    Dr. Akintoye Akindele

    Platform Capital Chairman, Dr. Akintoye Akindele Is Innocent Of Allegations By The Late MKO Abiola Family

    NDLEA

    NDLEA Partner Naira Marley To Tackle Drug Abuse

    Dangote Cement

    Lawyer Bags Six Months Imprisonment Over Libelous Publication Against Dangote

    “All Eyes on the Judiciary”

    FG Orders Removal Of ‘All Eyes On The Judiciary’ Billboards Nationwide

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Nuel Asii

    New Release: Rescue by Nuel Asii

    Senator

    Senator To Meet Cycling Davido’s Fan, Pledges To Sponsor His Music Career

    Sinead O’Connor’s

    Irish Singer Sinéad O’Connor Dies Aged 56

    Davido

    U.S City Declares July 7 As Davido Day

    Iyabo Oko

    Veteran Nollywood Actress, Iyabo Oko Is Dead

    Al Pacino

    Al Pacino, 83, Set To Become Father Again After Revealing Girlfriend, 29, Is Pregnant

  • Lifestyle

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
  • Home
  • News
    • All
    • Business
    Nigeria Passport

    Immigration Cleared 60,000 Passports Backlog In 4 days, Says FG

    Canada

    Canada Announces Visa-free Air tTavel Policy For Nigerians, Others

    Dr. Akintoye Akindele

    Platform Capital Chairman, Dr. Akintoye Akindele Is Innocent Of Allegations By The Late MKO Abiola Family

    NDLEA

    NDLEA Partner Naira Marley To Tackle Drug Abuse

    Dangote Cement

    Lawyer Bags Six Months Imprisonment Over Libelous Publication Against Dangote

    “All Eyes on the Judiciary”

    FG Orders Removal Of ‘All Eyes On The Judiciary’ Billboards Nationwide

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Nuel Asii

    New Release: Rescue by Nuel Asii

    Senator

    Senator To Meet Cycling Davido’s Fan, Pledges To Sponsor His Music Career

    Sinead O’Connor’s

    Irish Singer Sinéad O’Connor Dies Aged 56

    Davido

    U.S City Declares July 7 As Davido Day

    Iyabo Oko

    Veteran Nollywood Actress, Iyabo Oko Is Dead

    Al Pacino

    Al Pacino, 83, Set To Become Father Again After Revealing Girlfriend, 29, Is Pregnant

  • Lifestyle

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
Star Lite News
No Result
View All Result
Home News

Dangote Refinery Will Generate $21billion, To Employ Over 100,000 Youths

starliteadmin by starliteadmin
May 24, 2023
in News
0
Dangote
0
SHARES
0
VIEWS
Share on FacebookShare on WhatsAppShare on Twitter

Amid encomium from eminent personalities, which included President Mohammadu Buhari and five other African heads of state, President of the pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote disclosed yesterday that the newly commissioned 650,000pbd refinery would employ over 100,000 Nigerians youths as well as generate over $21 billion, therefore saving the country huge forex, that would have been used for fuel importation. The company, according to him, now has over 33,000 employees.

Much to the excitement of Nigerians, Dangote said the commissioning has marked the beginning of the new journey of the self-sufficiency in refined petroleum products and exportation of same just as been achieved in Cement and lately fertilizer.

Dangote lamented that the current fuel crisis has had negative impact on the nation’s economy and that informed his decision to build a world class refinery that would change the trend  and that though faced challenges but decided to trudge on.

He highlighted events leading to his firm deciding to build its own refinery after his attempt to acquire one of the existing moribund did not materialize noting that he decided to change marketing strategy and settle for gigantic project ever undertaken by an individual world over.

According to him, the refinery plant would be run at the highest effective and efficient level for maximum benefits to all Nigerians noting “we will replicate what we achieved in cement and fertilizer by attaining self-sufficiency and becoming net exporter.

Dangote assured Nigerians that 40 per cent of the production capacity will be available for export with the coming on stream of the plant guaranteeing raw materials for plastic, and pharmaceutical industries.

In his remark, President Buhari congratulated Dangote Group, saying “the 650,000 barrels a day of crude which will enable our country to achieve self-sufficiency in refined products and even have some supplies for export saying the government and people of Nigeria are proud of the doggedness and tenacity of Dangote as entrepreneur.

Said he; “This feat at this time of the nation’s economic development clearly made this event a notable milestone for our economy and the game changer for the downstream petroleum products not only for Nigeria but the entire African continent. Dangote Group has helped transform our economy from heavy import dependence to a net exporter in some critical industries, including cement and Fertiliser.”

He noted that the economy which has been stressed for many decades by huge deficits in economic infrastructure and over a decade of insurgency has also been severely impacted by several external crises, including the global financial crisis, the collapse of world crisis the Coronavirus pandemic and the Russia Ukraine war.

“The consequences of these challenges constitute a severe strain on our economy and limiting government’s ability to provide basic infrastructure without resorting to borrowing. Government therefore decide to focus attention on creating an enabling environment for the private sector to thrive and fill the enormous gap in investments not only in infrastructure, but also in all critical sectors.
“We recognize that without active participation of the private sector and a strong commitment to public-private partnership, the economy will not be able to continue to meet the challenge and economic growth”, while expressing the hope that the coming administration will continue to apply such innovative schemes to accelerate the fruition of critical infrastructure, in particular roads and gas pipelines.

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele while commending Mr. Dangote for the successful completion of the refinery project said it would not only aid that nation’s domestic petrol needs, but also help in generating export revenues for our country.

Emefiele recalled; “In September 2013, when Alhaji Aliko Dangote announced his plans for the refinery, it was estimated to cost about US$9 billion, of which US$3 billion was projected as equity investment by the Dangote Group and the balance financed through commercial loans. Due to an array of factors, the project was eventually completed with a total of US$18.5 billion with funding distributed into 50 percent equity investment and 50 percent debt finance. I am proud to state that the commercial loan component of the project was financed majorly by our domestic banks with the balance sourced from foreign banks. The Central Bank of Nigeria also partnered, as always, with the Dangote Group in ensuring the successful completion of the project by providing about N125 billion, to cover domestic currency requirements for the venture.

“What you may not be fully aware of, Your Excellencies, is that the Dangote Group has started repaying some of the commercial loans even before the commissioning of this facility. This reflects the commercial capability of the Group and its Chairman. I am pleased to inform everyone today that, following extensive repayments, outstanding debt has dropped appreciably from over US$9 billion to US$3 billion.”

The CBN Governor commended Nigerian banks saying they did not only partnered with the project through effective financing but were keenly aware of the importance of the project for our nation. “They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due.”

He described the successful completion of the refinery to President Buhari’s astute vision to ensure that Nigeria produces what Nigerians consume and that we consume what we produce.

“The refinery and petrochemical project by the Dangote Group is a testament to your vision for Nigeria. It shows that, regardless of what the world thinks, Nigeria can be self-sufficient in all products that we consume and at the same time export our excess output to the rest of the world.”
“Aside enumerating our strategic efforts in the agriculture and other critical sectors, a sterling projects that we highlighted was the gigantic Dangote Refinery and Petrochemical project. The world doubted our willpower to succeed with this project. In hindsight, I could appreciate their skepticism because they do not understand how a single individual could build a refinery capable of serving an entire nation. To them, projects of this magnitude are usually only undertaken by sovereigns not individuals.”

Group Managing Director of the Nigerian National Petroleum Company Ltd (NNPC), Mele Kolo Kyari said the NNPC was happy to partner Dangote Refinery because the project has potentials for smooth supply of petroleum and it would guarantee healthy competition for the benefits of the nation’s economy.
He said the NNPC Ltd. was committed to value addition to the potentials of the project noting that the new Petroleum Industry Act will provide security of supply of refined products and protect the plant. The NNPC boss added that his was happy the refinery is coming on board at a time the subsidy on imported products has become unbearable for government.

In their respective goodwill messages, Presidents of Ghana, Senegal, Niger, Benin Republic and Chad expressed satisfaction that the Dangote Refinery will serve the West African region and that their countries would be beneficiaries saying the Dangote Refinery is an African company for Africa by an African entrepreneur.

PHOTO CAPTION

L-R: President/Chief Executive, Dangote Industries Limited, Aliko Dangote; President of Federal Republic of Nigeria, Muhammadu Buhari; President of Ghana, Nana Akufo-Addo; President of Senegal, Macky Sall; President of Niger, Mohamed Bazoum; President of Togo, Faure Gnassingbe, at the commissioning of Dangote Petroleum Refinery and Petrochemicals FZE, (650,000 barrels per day Petroleum Refining and 900,000 tonnes per annum Polypropylene Production) in Lagos on Monday, May 22, 2023.


L-R: Senate President, Sen. Ahmad Ibrahim Lawan;  Vice President-Elect, Sen. Kashim Shettima;  Lagos State Governor, Babajide Sanwo-Olu; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; President of Federal Republic of Nigeria, Muhammadu Buhari, at the commissioning of Dangote Petroleum Refinery and Petrochemicals FZE, (650,000 barrels per day Petroleum Refining and 900,000 tonnes per annum Polypropylene Production) in Lagos on Monday, May 22, 2023.

L-R: Lagos State Governor, Babajide Sanwo-Olu; Senate President, Sen. Ahmad Ibrahim Lawan; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; President of Federal Republic of Nigeria, Muhammadu Buhari, cutting the tape; President of Togo, Faure Gnassingbe; Ogun State Governor, Dapo Abiodun; and Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, at the commissioning of Dangote Petroleum Refinery and Petrochemicals FZE, (650,000 barrels per day Petroleum Refining and 900,000 tonnes per annum Polypropylene Production) in Lagos on Monday, May 22, 2023.


L-R: Lagos State Governor, Babajide Sanwo-Olu; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; President of Federal Republic of Nigeria, Muhammadu Buhari, and Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, at the commissioning of Dangote Petroleum Refinery and Petrochemicals FZE, (650,000 barrels per day Petroleum Refining and 900,000 tonnes per annum Polypropylene Production) in Lagos on Monday, May 22, 2023.

L-R: Lagos State Governor, Babajide Sanwo-Olu; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; President of Federal Republic of Nigeria, Muhammadu Buhari; President of Togo, Faure Gnassingbe; Ogun State Governor, Dapo Abiodun; and Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, at the commissioning of Dangote Petroleum Refinery and Petrochemicals FZE, (650,000 barrels per day Petroleum Refining and 900,000 tonnes per annum Polypropylene Production) in Lagos on Monday, May 22, 2023.

Tags: Aliko DangoteCBNDangote Industries LimitedDILGovernor of Central Bank of NigeriaGroup Managing Director of the Nigerian National Petroleum Company LtdMele Kolo KyariMr. Godwin EmefieleNNPCPresident Mohammadu BuhariPresident of the Pan-African ConglomerateStarlitenews
Previous Post

Wema Bank Employees Donate Chairs, Tables To Isale Eko Grammar School

Next Post

Bldr. (Dr.) Odegade To Be Honored By Nigerian Association Of Christian Journalists (NACJ)

starliteadmin

starliteadmin

Related Posts

Nigeria Passport

Immigration Cleared 60,000 Passports Backlog In 4 days, Says FG

by starliteadmin
September 13, 2023
0

Olubunmi Tunji-Ojo, the Minister of Interior, announced on Tuesday in Abuja that the Nigeria Immigration Service (NIS) successfully processed a...

Canada

Canada Announces Visa-free Air tTavel Policy For Nigerians, Others

by starliteadmin
August 29, 2023
0

During this period that is characterised by increased global connectivity, Canada has evolved with current realities by expanding its visa-free...

Dr. Akintoye Akindele

Platform Capital Chairman, Dr. Akintoye Akindele Is Innocent Of Allegations By The Late MKO Abiola Family

by starliteadmin
August 25, 2023
0

Facts have emerged on some allegations levelled against the serial entrepreneur and Chairman of Platform Capital, Dr. Akintoye Akindele, bordering...

NDLEA

NDLEA Partner Naira Marley To Tackle Drug Abuse

by starliteadmin
August 18, 2023
0

Controversial singer Azeez Adeshina Fashola, popularly called Naira Marley, has joined the National Drug Law Enforcement Agency (NDLEA) in its...

Dangote Cement

Lawyer Bags Six Months Imprisonment Over Libelous Publication Against Dangote

by starliteadmin
August 17, 2023
0

A magistrate court in Abuja has convicted and jailed a lawyer for six months over defamatory publication against the Dangote...

“All Eyes on the Judiciary”

FG Orders Removal Of ‘All Eyes On The Judiciary’ Billboards Nationwide

by starliteadmin
August 16, 2023
0

The nationwide removal of “All Eyes on the Judiciary” billboards has been mandated by the federal government. The government also...

Next Post
Bldr. (Dr.) Odegade To Be Honored By Nigerian Association Of Christian Journalists (NACJ)

Bldr. (Dr.) Odegade To Be Honored By Nigerian Association Of Christian Journalists (NACJ)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

  • A Day With Legends of Nollywood

    Legends of Nollywood Financial Summit Is Here, Meet The Speakers: Apostle Anselm Madubuko, Mrs. Bukola Agbaminoja, Pst. Moji Bakare Asieru-sweet, Others

    0 shares
    Share 0 Tweet 0
  • RECRA 2023 Host Gov. Babajide Sanwo-Olu, Bldr. (Dr.) Abdulhakeem Odegade, Paul Obazele, Other Eminent Personalities

    0 shares
    Share 0 Tweet 0
  • Akmodel M.D. Bldr.(Dr.) Odegade, Mr. Olajide Lawal, Nancy Isime, Others Receives Award At Eko Heritage Awards (Photos)

    0 shares
    Share 0 Tweet 0
  • M.D Of AKMODEL GROUPS, Bldr. (Dr.) Odegade, Paul Obazele, Favour Benson, Mrs Janet Mordi (M.D Zekod Farms LTD.) Mr. Ralph (Viju Industries), Others Attends RECRA 2023 (Photos)

    0 shares
    Share 0 Tweet 0
  • Akmodel First Physical Allocation At Akmar Flourish Gardens Epe (Photos)

    0 shares
    Share 0 Tweet 0

Recent Posts

  • Dangote Cement Plc’s Management Roadshow at the London Stock Exchange
  • Erisco Foods Limited Arrests Customer For Complaining Of Excessive Sugar In Their Tomato Products
  • FirstBank Sponsors Africa International Trade Exhibition, New York, Promotes Foreign Direct Investment in the Continent
  • Dangote Debunks News Reducing Cement Price
  • Clean Air: Dangote Cement Reaching For The Blue Skies
Starlite news icon

Browse by Category

Archives

  • Home
  • About Us
  • Contact Us

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

No Result
View All Result
  • Contact Us
  • About Us
  • Business
  • Politics
  • World
  • Entertainment
  • Lifestyle

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.