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Dangote Ready For N414B Lekki Refinery, Gets CBN Support

aliko dangoteThe Central Bank of Nigeria (CBN) has assured Dangote Group that it will support it to access Foreign Exchange to build its proposed N414 billion refinery in the country.
The Governor of CBN, Mr Godwin Emefiele, gave the assurance during his tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.
Emefiele said the support was to ease the importation of equipment needed to bring the Dangote refinery to reality.
“Your ongoing $14 billion refinery investment will enjoy our support, no doubt. We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead”, the CBN boss said.
He stated that the tour was necessary to lend support to the project which he described as laudable and would contribute towards transforming Nigeria’s downstream oil sector.
“The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrochemicals, fertilizer and fuel will be produced.
“Today the three projects, which are valued at $14 billion, are on course and this is highly commendable” he said.
Emefiele further promised that CBN would continue to support tremendous and impactful projects that would improve the socio-economic profile of the country through such investments, describing the diversification of the Dangote Group as worthy of emulation by other industrialists.
According to him, by the time the refinery is completed, it would not only service the needs of our domestic economy but shore up Nigeria’s international oil investments.
Projects like this and our support will encourage more Nigerians to begin to think like Dangote Group, Emefiele said.
The chairman of Dangote Group, Alhaji Aliko Dangote, said that the refinery would commence commercial operations early 2018.
“We are set to unveil the world’s largest refinery which will make Nigeria self sufficient in petroleum product refining and also become a major exporter of oil. This project will mark a turning point in Nigeria’s search for local refining of crude oil.
“We will ensure the value chain in crude oil production is uplifted and other facilitators properly integrated into our scheme, he said.
Dangote said that the fertilizer production aspect of the refinery would be completed by 2017.
The facility is located within the Lekki Free Trade Zone in Lagos.

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