• 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 Business

Dangote’s petrochemicals, fertiliser plant will accelerate Africa’s economic growth – Adesina,, AFDBPresident

Vital News by Vital News
January 24, 2022
in Business, Economy
0
Share on FacebookShare on Twitter

Lagos – President of the African Development Bank (AfDB), Akinwumi Adesina has described Dangote Refinery and Fertiliser projects as the best industrialised project to happen to Africa.

He said these projects, which are far beyond the expectation of his team and himself, would positively affect the economic growth and development of not only Nigeria but Africa as a continent.

The AfDB boss, who spoke at the weekend after a tour of Dangote refinery and fertiliser projects at Lekki, Lagos described Aliko Dangote as an enigma, who should be honoured in Africa and beyond for his passion, vision and determination to develop and ensure that Africa, as a continent, is out of the poverty circle; with his aggressive employment generation scheme across most African countries.

“One of the things I admire the most about Alhaji Dangote is that, he actually believes in Nigeria, and he invests his money in Nigeria.

“He believes in Africa and invests in Africa. Nobody could invest the type of billions of dollars that is here, unless the person not only has the vision but also the commitment and passion for his country. We are extremely proud of you and of your commitment to the continent.

RelatedStories

Gambari Urges Global Leaders To Act On Gulf Of Guinea Security To Unlock Africa’s Wealth

Why EFCC Must Unravel Alleged Financial Malfeasance, Misapplication In Yobe By Usman Machina

Economy Has Turned Around, There’s Light at The End Of The Tunnel – President Tinubu At Installation Of New Olubadan

Nigeria’s Rising Trade Surplus Shows Reforms Driving Real Diversification – TSF

“Aliko is quite an inspirational and visionary business leader and for anybody to have done what I have seen here, I think that person deserves world class kudos for that… I see a company that I will proudly call Africa’s growth accelerator company. With this project, we see an acceleration of how to reduce imports.

“We see an acceleration on how to have an outbound on export; a value chain development and how to compete regionally and globally”, the top banker said.

“I am completely blown away with what I saw here today…I can’t believe what I saw…this project will reverse the huge sum the nation spends on foreign exchange…when you look at how much we import, it is about $57 billion worth of different products and we export only about $50.4bn, so we have to balance that with about $7bn and talking to them here, they showed us that they can have a domestic market of about $11bn and that is an incredible market and that will save Nigeria about $9 billion dollars, a year from importing petroleum products, so this is huge for Nigeria and even for Africa as a continent,” Adesina who toured the project site in company with
Afdb board members enthused.

On the fertiliser complex, he said, “being a man passionate about agriculture, this is a company that is producing three million metric tonnes of urea, which will make Nigeria totally self-sufficient.

“Nigeria will become net exporter of fertilisers. It will drive productivity growth in Nigeria, prices will come down and the quality will also improve.”

While thanking the AfDB team for their visit to the Plants, President of Dangote Group, Aliko Dangote said, “the Refinery will commence operation by the third quarter of 2022. On the mechanical completion, we are almost finished but we have started hydro testing, almost 70 per cent gone, hopefully before the end of Q3 operation will commence.”

Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Industries Limited, Devakumar Edwin said the refinery complex, which includes a refinery, petrochemical plant, a fertiliser plant and a subsea pipeline project, is the largest single-train refinery in the world.

He stated that the 650,000 barrels-per-day refinery would stimulate economic development in Nigeria.

According to Edwin, Dangote Petroleum Refinery can meet 100 per cent of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene and Aviation Jet), and also have surplus of each of these products for export.

He stated that this would create a market for $11 billion per annum of Nigerian crude and foreign exchange savings/earnings $9.9 billion. He noted that, “we have impacted on job creation with 3,580 Nigerian personnel on site, excluding employment by the various contractors and subcontractors at the site.” ( vitalnews)

Tags: AdesinaAfdbAfricaDangotegrowth
Previous Post

Buhari to confer national merit award on Olutoye, Chidume, Ekhaguere

Next Post

Bauchi Emirate suspends Dogara as Jakanda

Vital News

Vital News

RelatedStories

Gambari Urges Global Leaders To Act On Gulf Of Guinea Security To Unlock Africa’s Wealth
Economy

Gambari Urges Global Leaders To Act On Gulf Of Guinea Security To Unlock Africa’s Wealth

September 27, 2025
Court Berates EFFC Over Disregard For Rule Of Law, Orders Immediate Release Of Aisha Achimugu
Crime

Why EFCC Must Unravel Alleged Financial Malfeasance, Misapplication In Yobe By Usman Machina

September 26, 2025
Economy Has Turned Around, There’s Light at The End Of The Tunnel – President Tinubu At Installation Of New Olubadan
Culture

Economy Has Turned Around, There’s Light at The End Of The Tunnel – President Tinubu At Installation Of New Olubadan

September 26, 2025
C-ISOWN Praises President Tinubu On Credible Delivery Of Social Welfare Programmes, Achievements In Nigeria
Economy

Nigeria’s Rising Trade Surplus Shows Reforms Driving Real Diversification – TSF

September 26, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Business

Dangote Refinery Reviving Moribund Companies In Nigeria – Manufacturers

September 24, 2025
Next Post

Bauchi Emirate suspends Dogara as Jakanda

US embassy’s description of Nigeria

Bush fire consumes 400 corpses in Anambra morgue

Leave a Reply Cancel reply

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

Follow Us

Recommended

Bandits Shot Dead 3 Policemen At Zamfara Checkpoint

Police Give 24-hr Ultimatum To SDP Spokesman, Farouk Adejoh To Substantiate Allegation Against Kogi CP

2 years ago

Lighthouse Pathfinders Awareness Club condemns attack on Owo Catholic Church

3 years ago
PSC Promotes Janga, Inuwa, Bode To DIGs

PSC Dismisses 3 ASPs, Reduces Ranks Of ACP, 4 Others

2 years ago
Ijebu East Councillors Impeach Suspended Chairman, Wale Adedayo  .

Police Arrest Wale Adedayo For Accusing Gov.Dapo Abiodun Of Diverting LG Funds

2 years 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