New Petrochemical, Fertiliser Plants to Save Nigeria $2.5bn Annually in Foreign Exchange, Says Dangote
Nigeria is going to save at least $2.5 billion annually in foreign exchange and exports as a result of the new petrochemical and fertiliser plants being constructed by the Dangote Group, its President, Alhaji Aliko Dangote, has said.
Dangote who spoke when the Central Bank Governor, Mr. Godwin Emefiele, visited the group’s site in Lagos, said that Nigeria’s economy will be boosted through such savings in foreign currency and exports.
He said that CBN’s import substitution policy made the projects possible, adding that this was the only way to develop the economy and create jobs for the youths.
He pointed out that once the refinery begins operation, all the ships transporting petroleum products into the country will be out of business.
According to him, “We need to find a substitution for oil and I think, the petrochemical we have, in terms of boosting our foreign reserves, in terms of reducing our outflow of foreign exchange.
“Both the petrochemical and the fertiliser, if you look at that one alone, it will bring over $2.5 billion in, without the petroleum products, without what we are going to save in terms of the imports, in terms of demurrage.
He promised that his group would assist in monetising Nigeria’s gas flaring, adding that the group plans to take 110 million standard cubic feet of gas worth over $1.2 billion for the purpose of powering the petrochemical plant.
He added, “You can see, very soon, gas that we are flaring, we are actually going to use just 110 million standard cubic feet of gas and if you translate it into the current price of urea, it’s $1.2 billion.
“So if you bring 3 billion standard cubic feet (SCF) and you make sure that you have that 3 billion SCF for petrochemicals, imagine what that will achieve”.
Dangote commended the CBN governor for the import substitution policy describing the policy as very good.
He said his group had embarked on a number investments to ensure that the country reduces importation, and urged other Nigerians to look inwards to attrack other investments.
Dangote who spoke when the Central Bank Governor, Mr. Godwin Emefiele, visited the group’s site in Lagos, said that Nigeria’s economy will be boosted through such savings in foreign currency and exports.
He said that CBN’s import substitution policy made the projects possible, adding that this was the only way to develop the economy and create jobs for the youths.
He pointed out that once the refinery begins operation, all the ships transporting petroleum products into the country will be out of business.
According to him, “We need to find a substitution for oil and I think, the petrochemical we have, in terms of boosting our foreign reserves, in terms of reducing our outflow of foreign exchange.
“Both the petrochemical and the fertiliser, if you look at that one alone, it will bring over $2.5 billion in, without the petroleum products, without what we are going to save in terms of the imports, in terms of demurrage.
He promised that his group would assist in monetising Nigeria’s gas flaring, adding that the group plans to take 110 million standard cubic feet of gas worth over $1.2 billion for the purpose of powering the petrochemical plant.
He added, “You can see, very soon, gas that we are flaring, we are actually going to use just 110 million standard cubic feet of gas and if you translate it into the current price of urea, it’s $1.2 billion.
“So if you bring 3 billion standard cubic feet (SCF) and you make sure that you have that 3 billion SCF for petrochemicals, imagine what that will achieve”.
Dangote commended the CBN governor for the import substitution policy describing the policy as very good.
He said his group had embarked on a number investments to ensure that the country reduces importation, and urged other Nigerians to look inwards to attrack other investments.
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