• About
  • Advertise
  • Contact
Friday, October 3, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

Dangote Refinery Inaugurated, Will Generate $21billion, Employ Over 100,000 Youths

Vital News by Vital News
May 22, 2023
in Economy, Oil & Gas
0
Dangote Refinery Inaugurated,  Will Generate $21billion, Employ Over 100,000 Youths

L-R: Senate President, Sen. Ahmad Ibrahim Lawan; Vice President-Elect, Sen. Kashim Shettima; Lagos State Governor, Babajide Sanwo-Olu; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; President of Federal Republic of Nigeria, Muhammadu Buhari, at the commissioning of Dangote Petroleum Refinery and Petrochemicals FZE, (650,000 barrels per day Petroleum Refining and 900,000 tonnes per annum Polypropylene Production) in Lagos on Monday, May 22, 2023.

Share on FacebookShare on Twitter

 

Lagos – The President of the pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote said in Monday that the newly commissioned 650,000pbd refinery at Lekki, Lagos State would employ over 100,000 Nigerians youths as well as generate over $21 billion, therefore saving the country huge forex, that would have been used for fuel importation.

The company, according to him, now has over 33,000 employees.

L-R: Senate President, Sen. Ahmad Ibrahim Lawan; Vice President-Elect, Sen. Kashim Shettima; Lagos State Governor, Babajide Sanwo-Olu; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; President of Federal Republic of Nigeria, Muhammadu Buhari, at the commissioning of Dangote Petroleum Refinery and Petrochemicals FZE, (650,000 barrels per day Petroleum Refining and 900,000 tonnes per annum Polypropylene Production) in Lagos on Monday, May 22, 2023.

Much to the excitement of Nigerians, Dangote said the commissioning has marked the beginning of the new journey of self-sufficiency in refined petroleum products and exportation of the same just as has been achieved in Cement and lately fertiliser.

Dangote lamented that the current fuel crisis has had a negative impact on the nation’s economy and that informed his decision to build a world class refinery that would change the trend and that though faced challenges but decided to trudge on.

RelatedStories

Dangote Refinery : PENGASSAN, NNPCL, NDMP, NUPRC Evade Service Of Court Order Halting Strike

Group Knocks Senator Ali Ndume Over Comment On PENGASSAN-Dangote Feud

You Are After Check-Off Dues, Not Workers’ Welfare, Dangote Tells PENGASSAN, TUC

PENGASSAN Members Shut Down NNPC, NUPRC, NMDPRA

He highlighted events leading to his firm deciding to build its own refinery after his attempt to acquire one of the existing moribund did not materialize , noting that he decided to change marketing strategy and settle for gigantic project ever undertaken by an individual world over.

According to him, the refinery plant would be run at the highest effective and efficient level for maximum benefits to all Nigerians.

“We will replicate what we achieved in cement and fertilizer by attaining self-sufficiency and becoming net exporter,” the business mogul said.

Dangote assured Nigerians that 40 per cent of the production capacity will be available for export with the coming on stream of the plant guaranteeing raw materials for plastic, and pharmaceutical industries.

In his remark, President Buhari congratulated Dangote Group, saying “the 650,000 barrels a day of crude which will enable our country to achieve self-sufficiency in refined products and even have some supplies for export, saying the government and people of Nigeria are proud of the doggedness and tenacity of Dangote as entrepreneur.

“This feat at this time of the nation’s economic development clearly made this event a notable milestone for our economy and the game changer for the downstream petroleum products not only for Nigeria but the entire African continent.

The newly inaugurated Dangote Refinery at Lekki, Lagos State

“Dangote Group has helped transform our economy from heavy import dependence to a net exporter in some critical industries, including cement and Fertiliser,” Buhari said.

The President
noted that the economy which has been stressed for many decades by huge deficits in economic infrastructure and over a decade of insurgency has also been severely impacted by several external crises, including the global financial crisis, the collapse of world under the Coronavirus pandemic and the Russia Ukraine war.

“The consequences of these challenges constitute a severe strain on our economy and limiting government’s ability to provide basic infrastructure without resorting to borrowing.

“Government therefore decide to focus attention on creating an enabling environment for the private sector to thrive and fill the enormous gap in investments not only in infrastructure, but also in all critical sectors.

“We recognize that without active participation of the private sector and a strong commitment to public-private partnership, the economy will not be able to continue to meet the challenge and economic growth,” he said.
He expressed the hope that the coming administration will continue to apply such innovative schemes to accelerate the fruition of critical infrastructure, in particular roads and gas pipelines.

Governor of Central Bank of Nigeria (CBN), Godwin Emefiele while commending Dangote for the successful completion of the refinery project said it would not only aid the nation’s domestic petrol needs, but also help in generating export revenues for our country.

“In September 2013, when Alhaji Aliko Dangote announced his plans for the refinery, it was estimated to cost about US$9 billion, of which US$3 billion was projected as equity investment by the Dangote Group and the balance financed through commercial loans.

“Due to an array of factors, the project was eventually completed with a total of US$18.5 billion with funding distributed into 50 per cent equity investment and 50 per cent debt finance.

“I am proud to state that the commercial loan component of the project was financed majorly by our domestic banks with the balance sourced from foreign banks.

“The Central Bank of Nigeria also partnered, as always, with the Dangote Group in ensuring the successful completion of the project by providing about N125 billion, to cover domestic currency requirements for the venture.

“What you may not be fully aware of, Your Excellencies, is that the Dangote Group has started repaying some of the commercial loans even before the commissioning of this facility.

“This reflects the commercial capability of the Group and its Chairman.

“I am pleased to inform everyone today that, following extensive repayments, outstanding debt has dropped appreciably from over US$9 billion to US$3 billion,” Emefiele explained.

The CBN Governor commended Nigerian banks, saying they did not only partnered with the project through effective financing but were keenly aware of the importance of the project for our nation.

“They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due,” he said.

He described the successful completion of the refinery to President Buhari’s astute vision to ensure that Nigeria produces what Nigerians consume and that we consume what we produce.

“The refinery and petrochemical project by the Dangote Group is a testament to your vision for Nigeria.

“It shows that, regardless of what the world thinks, Nigeria can be self-sufficient in all products that we consume and at the same time export our excess output to the rest of the world.”

“Aside from enumerating our strategic efforts in the agriculture and other critical sectors, a sterling project that we highlighted was the gigantic Dangote Refinery and Petrochemical project.

“The world doubted our willpower to succeed with this project.

“In hindsight, I could appreciate their scepticism because they do not understand how a single individual could build a refinery capable of serving an entire nation.

“To them, projects of this magnitude are usually only undertaken by sovereigns, not individuals,” Emefiele stated.

Group Managing Director of the Nigerian National Petroleum Company Ltd (NNPC), Mele Kolo Kyari said the NNPC was happy to partner Dangote Refinery because the project has potentials for smooth supply of petroleum and it would guarantee healthy competition for the benefits of the nation’s economy.

He said the NNPC Ltd. was committed to value addition to the potentials of the project , noting that the new Petroleum Industry Act will provide security of supply of refined products and protect the plant.

The NNPC boss expressed happiness that the refinery is coming on board at a time the subsidy on imported products has become unbearable for the government.

In their respective goodwill messages, Presidents of Ghana, Senegal, Niger, Benin Republic and Chad expressed satisfaction that the Dangote Refinery will serve the West African region and that their countries would be beneficiaries.

They described Dangote Refinery as an African company for Africa by an African entrepreneur.
(Shara Weekly /vitalnewsngr.com)

 

 

 

 

 

 

Tags: BuhariDangoteLekkirefinery
Previous Post

Bello Signs Kogi Road Agency Bill, 4 Other Bills Into Law

Next Post

El-Rufai Deposes Two Southern Kaduna Traditional Rulers, Sacks District Heads

Vital News

Vital News

RelatedStories

Dangote Refinery : PENGASSAN, NNPCL, NDMP, NUPRC Evade Service Of Court Order Halting Strike
Judiciary

Dangote Refinery : PENGASSAN, NNPCL, NDMP, NUPRC Evade Service Of Court Order Halting Strike

September 30, 2025
Group Knocks Senator Ali Ndume Over Comment On PENGASSAN-Dangote Feud
Labour

Group Knocks Senator Ali Ndume Over Comment On PENGASSAN-Dangote Feud

September 30, 2025
You Are After Check-Off Dues, Not Workers’ Welfare, Dangote Tells PENGASSAN, TUC
Labour

You Are After Check-Off Dues, Not Workers’ Welfare, Dangote Tells PENGASSAN, TUC

September 30, 2025
PENGASSAN Members Shut Down NNPC, NUPRC, NMDPRA
Labour

PENGASSAN Members Shut Down NNPC, NUPRC, NMDPRA

September 29, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Labour

PENGASSAN’s Strike, A Guerilla Tactics To Hold Nigerians To Ransome – Dangote Refinery

September 29, 2025
Next Post

El-Rufai Deposes Two Southern Kaduna Traditional Rulers, Sacks District Heads

Dangote Refinery Inaugurated,  Will Generate $21billion, Employ Over 100,000 Youths

Buhari Inaugurates Dangote Refinery, Says It Is Game Changer For Nigeria’s Economy

Africa’s First Professor Of Geology, Professor Muibi Oyawoye Dies At 96

Africa's First Professor Of Geology, Professor Muibi Oyawoye Dies At 96

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

In Nigeria, 4,387 Persons Die In Road Crashes In Six Months

12 Killed In Crash On Obajana-Lokoja Road

2 years ago
NDLEA Intercepts 1,274 Parcels Of Cocaine, Colorado In Lagos, 5.6million Opioid Pills In Kano

NDLEA Intercepts 1,274 Parcels Of Cocaine, Colorado In Lagos, 5.6million Opioid Pills In Kano

2 years ago
6th Kogi BEBM Exhibition Opens In Lokoja As Elulu Of Mopa Bags Awards

6th Kogi BEBM Exhibition Opens In Lokoja As Elulu Of Mopa Bags Awards

10 months ago
5 Die, 3 Injured In Kogi Auto Crash

5 Die, 3 Injured In Kogi Auto Crash

1 year ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Engineer Urges Nigeria To Invest In Aerospace Technology To Tackle Insecurity, Modernise Aviation

Bandits Kidnap Police Officer In Kwara

Death Toll In Ibaji Boat Mishap Rises To 36

Arrest of 147 Terrorists In One Week, Confirms Tinubu Is Boosting Troops’ Morale – Group ‎

Fubara Sacks Commissioners, SSG, SAs, SSAs

2027 : Group Holds Awareness Walk In Kogi, Reaffirms Commitment To Vision, Leadership Of President Tinubu

Trending

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From  October 29
News

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From October 29

by Vital News
October 2, 2025
0

The Kogi State Government says it will commence strict enforcement of ban on Zariagi, Osara and other...

Realnews Announces Theme, Date For It’s 13th Anniversary Lecture

October 2, 2025
Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji,  For Hard Work, Dedication

Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji, For Hard Work, Dedication

October 2, 2025
FG Cancels Independence Anniversary Parade

Engineer Urges Nigeria To Invest In Aerospace Technology To Tackle Insecurity, Modernise Aviation

October 2, 2025
Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi

Bandits Kidnap Police Officer In Kwara

October 2, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From October 29 October 2, 2025
  • Realnews Announces Theme, Date For It’s 13th Anniversary Lecture October 2, 2025
  • Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji, For Hard Work, Dedication October 2, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In