Dangote Refinery to grow investments in oil & gas sector – LCCI

THE Lagos Chamber of Commerce and Industry( LCCI) is optimistic that the coming on stream of the Dangote refinery will create and broaden investment opportunities in Nigeria’s oil and gas sector.

The LCCI also commended the efforts of Aliko Dangote, chairman of the Dangote Group and promoter of the 650,000 barrels per day (bpd) refinery located in Lagos.

The chief executive officer of the Nigeria National Petroleum Company Limited (NNPCLtd.), Mele Kyari, had earlier said that the Dangote refinery could produce up to 50 million litres of petrol per day because of modern technology, and would augment the output from the state-owned refineries to meet Nigerians’ demand for petroleum products.

Rated as Africa’s biggest oil refinery and the world’s single-train facility, the Dangote refinery is expected to provide product sufficiency to meet Nigeria’s need for refined petroleum products, Chinyere Almona, the LCCI, Chinyere Alumona, the LCCI Director- General, said.

Almona, asserting that the LCCI viewed the refinery’s impact on the Nigerian economy as significant, underlined its huge prospects for the Nigerian economy as it would save and generate foreign exchange.

She said, “The refinery will create jobs and positively affect the value of the naira, broaden prosperity for the downstream sector, and provide growth opportunities for businesses. It will also stimulate economic growth by impacting the country’s balance of payments.”






     

     

    The Director-General mentioned the chamber as expecting the refinery to fuel further growth and development across its value-chain, including in cosmetics, plastics, and textiles.

    It added, “We also see room for the development of added value in agribusiness, including the sugar backward integration projects that plan to create a strong localized supply in the sugar industry, benefiting local suppliers across the sugar value chain.”

    The chamber said that this initiative presents Nigeria as an attractive investment destination for local and foreign investors, and urged the government to strengthen its commitment to creating an enabling environment for businesses.

    The Dangote Refinery complex, which is located in the Lekki Free Zone area of Lagos, covers a land area of approximately 2,635 hectares, which is larger than the size of Victoria Island in Lagos.

     

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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