Dangote Gives Nigerians Hope, Says Refinery Will Boost Nigeria’s Forex Earnings

Dangote Gives Nigerians Hope, Says Refinery Will Boost Nigeria’s Forex Earnings

  • Aliko Dangote, Africa's richest man has stated that his refinery will solve Nigeria's forex crisis when it begins operation
  • According to Dangote, the refinery, when fully operational will earn enough foreign exchange for Nigeria and turn it into a top exporter of crude
  • He also said that his fertilizer company which has started to export the product to India, North America and Latin American countries will play a big part in the plastic industry

Africa’s richest man, Aliko Dangote has provided hope for the forex dilemma facing the Nigerian economy.

According to the billionaire, his plans to export 8 million tons of petroleum products annually from his soon-to-be commissioned refinery could help Nigeria solve her forex crisis.

Aliko Dangote, Refinery, Foreign Exchange
Aliko Dangote Credit: Bloomberg / Contributor
Source: Getty Images

Nigeria banks on Dangote Refinery

Business Insider reported, citing a report by Ripples Nigeria that the billionaire said this during the 2022 Zenith Bank International Trade Seminar on Non-Oil Export which was held in Lagos.

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According to the report, the refinery project would begin with a refining capacity of 540,000 barrels per day in the first phase of its operation and later move up to 650, 000 barrels per day.

The Dangote Group is hopeful that the $19 billion pipeline infrastructure is designed to process enough crude to meet Nigeria’s energy needs and turn Nigeria into an exporter of crude.

Also, the state-of-the-art industrial complex will create a market for $11 billion per annum for Nigerian crude.

Fertilizer company to begin plastic production

The Kano-born billionaire is also hopeful that his fertilizer firm will provide food stability to ensure food sufficiency and boost the country’s fertilizer needs.

The plant has since begun fertilizer export to India, North America and Latin America and will also provide polypropylene which will enable the Dangote Group to profit from the growing plastic processing market.

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Despite dropping down billionaire list Dangote Kicks off August big after Making Over N7bn in 8 Hours

Dangote jumps 29 places in world rich list, now 2x richer, 150 places above closest rival in Africa

Legit.ng reported that Africa's richest man and president of Dangote Group, Aliko Dangote, as of Wednesday, 9th March 2022 is now the 71st richest person in the world as against his previous ranking of 100th he opened the year 2022.

His wealth is at $20.1 billion, having amassed $914 million(N380bn), according to Bloomberg's billionaires' index.

South African billionaire Johann Rupert sits at 221 positions in the billionaire list with a net wealth of $9 billion two times lesser than Dangote's.

Source: Legit.ng

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