Fuel importation to end by 2016 – Dangote

President of the Dangote Group, Aliko Dangote, has assured Nigerians that importation of petroleum products will end by 2016, as he invests $9 billion into establishment of refinery/petrochemical/fertiliser plant in Ondo State.
Dangote, Africa’s richest man, has already secured a $3.3 billion credit facility from a consortium of banks for the project.
After formally informing President Goodluck Jonathan of the flagging off of the $9 billion project, which represents 20 per cent of Nigeria’s foreign reserves, and the highest single investment in Africa, Dangote said he intends to make the country self-reliant in both petrochemical and petroleum products.
“Now, Nigeria is going to be taken out of the list of countries that import petroleum products. We will produce 20 million metric tonnes which is equivalent to what Nigeria consumes currently.
“Today, we did the signing ceremony, the Vice President came to witness the signing but we insisted in coming to  thank Mr. President so much for his policies.
“Without good government policies, there is no way the private sector can invest in Nigeria, because we are not Father Christmas at all. The polices have to be right,” he stated.
He noted that Nigeria currently spends about $30 billion annually importing petroleum products.
With the signing of the agreement, Dangote disclosed that the project will create jobs for about 85,000 Nigerians, including 8,000 engineers at the initial stage.
He hailed the signing of the financial support agreement with major banks as a milestone in the industrialisation of Nigeria.
Jonathan assured Dangote that his administration would keep on implementing policies and measures to improve the operating environment for entrepreneurs and investors in the Nigerian economy.
The President also expressed the Federal Government’s appreciation of the support being given by Nigeria’s private sector to the implementation of his administration’s agenda for national transformation.
Noting that the Dangote Group’s massive investment in refining, petrochemicals and fertilizer production would contribute significantly to the attainment of government’s priority objective of job creation, the President thanked him and chief executives of the Nigerian banks that are helping to finance the project for being patriotic and having the confidence to invest in their own country.
“We are pleased that you are now investing in refining, petro-chemicals and fertilizer production. It is the downstream sector of oil and gas that can really create many jobs.
“Your interest and investment in that area will help in the area of job creation which we have been emphasising.
“You are also helping us to move away from being a mere producer of raw materials by adding value to our natural resources,” the President told Dangote and members of his delegation that included the Manufacturers Association of Nigeria (MAN) and Nigeria’s leading banks.
Others on Dangote’s delegation were Kola Jamodu, Femi Otedola, Jim Ovia and management executives of the Dangote Group.

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