Monday, 26 September 2016

Ray of Hope as Dangote Refinery is set to create 300,000 jobs

The former richest man in Africa is on a mission to fill the gap in the employment industry with many projects on the way.
One of such is the $17billion  Dangote refinery set to be complete by 2019 and create at least 300,000

The jobs will be  direct and indirect by the first quarter of 2019, the Chief Operating Officer, Mr Olakunle Alake, has said. He stated that the refineries fertilizer, petrochemicals plants will be in one location and will be the single largest stream in the world. This will create jobs for the communities and Nigerians at large.

“The refinery will have a refining capacity of about 650,000 barrels of crude a day.”
Alake said the project would force down the price of Premium Motor Spirit in the country and save money spent on importation.

He said that projects such as these would optimise government revenue and wean Nigeria from relying solely on oil.

He said that the best way to diversify Nigeria’s economy is through agriculture and the fertiliser plant is in line with that goal.

The chief operating officer said that the 98 per cent of basic engineering on the fertiliser plant had been executed, while the construction had progressed by 30 per cent.

He said, “By the time we finish our gas pipeline it will be able to generate about 12,000mw which can be exported to other African countries. He stressed that at least $5billion could be saved on oil importation when the project commences

He regretted however, that access to foreign exchange posed serious challenges to the projects.

He said, “We aim to complete the projects within the time frame to assist in easing the forex problem.
“We appeal to the Federal Government to support these private initiatives by providing funding for the projects.

“However, government through the Bank of Industry schemes has given us a credit facility of N50 billion to develop the fertiliser plant.

“We have also gotten another N75 billion approval for the refinery, which we have not yet accessed.”


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