Dangote Group Makes Promises as Refinery Production Set to Commence After Over N11trn Investment

• The Dangote refinery is almost complete, and the management is excited about its impact on the Nigerian economy.
• The refinery, which can process 650,000 barrels of crude oil per day, is located in the heart of the Lekki Free Trade Zone, Lagos.
• One of the anticipated benefits of the refinery is that it will assist the government in removing fuel subsidy

The general manager of Dangote Sugar (North), Abdulsalam Waya, has said Dangote refinery would commence production soon.

The refinery, which costs an estimated $25 billion(over N11trn), promises to finally end the issue of fuel scarcity in the country, The Punch reports.

Waya gave this assurance while speaking during the Dangote Day at the 44th Kaduna International Trade Fair on Saturday, February 11.

His words:

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“with 650,000 barrels per day, the refinery will take care of the perennial fuel scarcity as it will complement the government’s effort in making the products available to Nigerians.

"The long queues in filling stations, the selling of the products at exorbitant prices and hoarding will all go when the refinery takes off."

More promises from Dangote

Waya, who was representing the Dangote Group, also said the company is the biggest employer of labour outside the government, saying, it has touched the lives of millions of Nigerians in many ways through its products.

He also said:

“There’s no any household in the country that do not patronise either dangote sugar, salt or cement.

"We have equally continued to boost the nation’s economy by investing heavily in agriculture and mineral resources because these two sectors are strategic to the growth of the economy.

Also speaking, the Technical Sales Manager, of Dangote Cement, Oligie said the company exports cement to 14 African countries.

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"We have equally provided over 5,000 direct jobs and as well never defaulted in paying our tax."

Dangote drops in billionaire ranking, Elon Musk, Zuckerberg, others rise

Legit.ng reported that Nigeria and Africa’s richest man, Aliko Dangote’s earnings crashed on Wednesday, February 1, 2023, sending him sliding down on the Bloomberg Billionaire Index.

As of the time of writing, Dangote occupied the 85th position on the list, dropping from the 80th position he occupied for most of January 2023.

The Nigerian industrialist lost $8.7 million, about N4 billion, in one day due to investors’ negative sentiment in the shares of his cement company, Dangote Cement.

Source: Legit.ng