Yemisi Izuora
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has offered the banks foreign exchange support to Dangote refinery to facilitate equipment importation.
Emefiele said that the ongoing $14 billion refinery investment would be supported by CBN on importation of equipment for speedy completion of the project and to encourage other Nigerians.
The CBN governor disclosed this during the facility tour to the 650,000 barrels of crude oil per day (bpd) plant located at the Lekki Free Trade Zone in Lagos.
He said that Dangote has contributed 50 per cent equity to the N2.8 trillion investment projects.
“We have to give him foreign exchange to import his equipment, because he will need foreign exchange to import expected equipment” he promised.
According to him, the visit to the refinery was an opportunity to support the laudable project being facilitated by Alhaji Aliko Dangote.
About two to three year ago, he came to the bank that he wanted to start a petrochemical, fertiliser and refinery business, and today the three projects is valued about $14 billion (N2.8 trillion), which Dangote is contributing 15 per cent.
Emefiele said government is ready to support people like Dangote for his tremendous impact on the socio-economy growth of the country through his investments in the industry.
He said that Dangote has supported government in diversifying the economy.
“We expect that by the time these projects are completed it would not only service the needs of our domestic requirement, it will also be exported to bring foreign exchange to the bank in the tune of $6 billion yearly.
“That is the kind of projects that we need to support and encourage more Nigerians to begin to think like Dangote,’’ he added.
Alhaji Aliko Dangote, Chairman, Dangote Group in response said that the speed at which contractors are delivering on their mandate, the Petrochemical Company would commence commercial operations at the beginning of 2018.
Dangote said that the company is set to unveil the world ‘Largest Single Refinery’ which will make Nigeria self-sufficient in petroleum products refining and also become a major exporter of such products.
The project which is close to realisation would mark a turning point in Nigeria’s search for solution in meeting local refining need for white products.
“We have in place state-of-the-art technology and equipment, to ensure the value chain which consists of crude reception facility, to the processing facility is adequately integrated.
At the fertiliser plant site,he said the plant has attained 90 per cent of engineering work and that 80 per cent of equipment was already in the country, adding that it would be completed by 2017
“The project is generally on how to save foreign exchange in Nigeria and earn more by diversifying the economy.
When you look at it today, we started with cement, today, we have more than 12 tonnes of cement to export. Today Dangote cement does not need dollars for local operations, because we source about 98 per cent raw material locally, the same thing with the refinery is the largest single line in the country” Dangote revealed.