Dangote Refinery :CBN Pledges Forex Support

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, yesterday promised that the apex bank would give foreign exchange support to Dangote refinery for equipment importation. Emefiele, who disclosed this during a facility tour of the $14 billion refinery, said the project would be supported by the apex bank on importation of equipment for speedy completion of the project and to encourage other Nigerians to emulate the investment drive of Alhaji Aliko Dangote. He disclosed that Dangote 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 said.He explained that the visit to the refinery was an opportunity to support the laudable project by the foremost industrialist.

He said: “About two to three years ago, he came to the bank that he wanted to commence a petrochemical, fertiliser and refinery business. “Today, the three projects are valued about 14 billion dollars (N2.8 trillion), to which Dangote is contributing 15 per cent” Emefiele explained that government needs to support people like Dangote for his tremendous impact on the socio-economic growth of the country through his investments in the industry.“These are products that are imported into the country, if we cost how much the country spent on importation into Nigeria it’s close to 35 to 40 per cent of our import needs.

Speaking, Aliko Dangote, Chairman, Dangote Group said that the pace  at which contractors are delivering on their mandate,  Dangote Petrochemical Company would commence commercial operations at the beginning of 2018.He said  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 needs 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,” he said.He confirmed that 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,” he said

                                                                                                                                                        From left: Deputy Governor of CBN, Economic Policy, Sarah Alade; Group Executive Director, Dangote Group, Devackumar Edwin; and CBN Governor, Mr. Godwin Emefiele, listening to the President of Dangote Group, Aliko Dangote, during the inspection of the Dangote Refinery and Fertilizer Plant, by the CBN officials yesterday