BUSINESS

Dangote Refinery Lifeline For Nigeria’s Economy -Okonjo-Iweala

Director General World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has expressed optimism that the Dangote refinery would have boosted Nigeria’s economic values if it existed years ago.

Ngozi Okonjo-Iweala disclosed this during her meeting with President Muhammadu Buhari in Aso Rock.

While feeding questions to journalists during the meeting, Okonjo-Iweala said the Dangote Refinery project is a good development for the Nigerian economy, adding that if it had existed before now, Nigeria’s economy would have thrived.

“I wish we had done it years ago. If we had done it years ago and encouraged Alhaji Dangote, who is doing a good thing, we’d be producing our own fuel today,” she was quoted as saying.

The Dangote refinery is however expected to boost the country’s dwindling economy by 2022, as it would significantly improve the country’s GDP and alarming labour industry.

Beyond its ability to meet the full demand for domestic consumption of refined petroleum products-which are almost all imported at present, the refinery also has the potential to catalyse more domestic crude oil production and boost GDP growth since crude oil for local refining is not subject to OPEC quota.

Dangote Group’s refinery, with a planned installed capacity of 650,000 bpd is scheduled to come on stream in 2022. The refinery is also built with a 5-year plan to double capacity.

It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility, upon completion. The refinery is designed to produce up to 50 million litres of gasoline and 15 million litres of diesel a day.

-Newsrand

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