Nigeria's central bank has supported Dangote Refinery with 75 billion naira worth of foreign exchange to enable the company import equipment and other facilities in a bid to fast track the completion of the projects, the bank governor has said.
Godwin Emefiele said the $9 billion investment by the Dangote group investment in crude oil refining is a reality of an indigenous company’s commitment that is interested in the socio-economic growth of Nigeria.
The Central Bank of Nigeria (CBN) governor spoke while on a facility tour of the refinery project in Lagos on Sunday.
"This has made us to support Dangote Group with N75 billion in Forex to import equipments and other facilities to ease completion of the refinery,” he said.
According to the regulatory bank chief, the refinery project is the kind of investment the country needs to empower Nigerians and boost her revenue.
” I am happy that this project by Dangote Group came up in my lifetime. The Federal Government will continue to support the project and any other projects in the country.
“The ongoing nine-billion-dollar-refinery investment will enjoy our support, no doubt.
” We are doing this to fast-track other importation of equipments you will need for a speedy completion of that project and to encourage other Nigerians to follow your lead,” Emefiele said.
According to him, the tour is necessary to lend our support to this laudable project that will transform Nigeria’s downstream oil sector.
Emefiele said that the CBN would continue to support tremendous and impactful projects that would improve the socio-economic profile of the country through such investments.
He said the diversification of the Dangote Group was worthy of emulation by other industrialists.
“By the time this refinery is completed, it will not only service the needs of our domestic economy but shore up our international oil investments.
“Projects like this and our support will encourage more Nigerians to begin to think like the Dangote Group,” he added
Emefiele commended Africa's richest man,, Aliko Dangote for his resilience and dedication to create wealth.
“It may interest you to know that we always expend one-third of our total foreign exchange obligation to import petroleum products.
“When the fertilizer plant will commence operation between April and May this year and the Refinery commences operation in April 2020, we will have a lot of savings from foreign exchange.
” In near future, we may be buying foreign exchange from the Dangote Group ,” he said.
Emefiele urged other private refinery licensees to develop capacity to build more refineries.
“I have not seen any licensee approach the bank for credit to build refinery.
” Remember, such licensee will approach his bank which will, in turn, assess his capacity to build such refinery and such request will be forwarded to the CBN for approval.
” If they have the capacity, we will support them through their banks,” Emefiele said.
In his remarks, Dangote commended the CBN for their support and for believing in the project.
He said that the largest single train refinery in the world, Dangote Refinery, would commence operations in April 2020.
Dangote said that the construction of the refinery that would be producing 650,000 barrels of crude oil per day by the Dangote Group was expected to help Nigeria save over $7.5 billion through import substitution.
He said that it would also put the country on the global map as a major oil and gas hub in Africa.
He said that the Dangote Refinery, therefore, would help the government create a robust domestic refining sector.
Dangote said that it would reduce the importation of petroleum products and save the country from capital flight.
“The refinery is going to save a huge amount of foreign exchange outflow because, today, forex is being used in the importation of petroleum products and our foreign reserves are being heavily depleted.
“And whatever little forex we are earning from the sale of crude oil, is being used to import petroleum products.
“Our petroleum refinery is going to have a major beneficial impact on the economy in terms of foreign exchange savings,” he said.
Dangote expects the company when it becomes operational to generate $5.5 billion in revenue from exports of refined petroleum products, fertiliser and petrochemical products.
Dangote said: “We will be adding value to our economy as all these projects are currently creating about 26,000 employment opportunities. The company is also expected to create about 80,000 employment opportunities.
"This has made us to support Dangote Group with N75 billion in Forex to import equipments and other facilities to ease completion of the refinery,” he said.
According to the regulatory bank chief, the refinery project is the kind of investment the country needs to empower Nigerians and boost her revenue.
” I am happy that this project by Dangote Group came up in my lifetime. The Federal Government will continue to support the project and any other projects in the country.
“The ongoing nine-billion-dollar-refinery investment will enjoy our support, no doubt.
” We are doing this to fast-track other importation of equipments you will need for a speedy completion of that project and to encourage other Nigerians to follow your lead,” Emefiele said.
According to him, the tour is necessary to lend our support to this laudable project that will transform Nigeria’s downstream oil sector.
Emefiele said that the CBN would continue to support tremendous and impactful projects that would improve the socio-economic profile of the country through such investments.
He said the diversification of the Dangote Group was worthy of emulation by other industrialists.
“By the time this refinery is completed, it will not only service the needs of our domestic economy but shore up our international oil investments.
“Projects like this and our support will encourage more Nigerians to begin to think like the Dangote Group,” he added
Emefiele commended Africa's richest man,, Aliko Dangote for his resilience and dedication to create wealth.
“It may interest you to know that we always expend one-third of our total foreign exchange obligation to import petroleum products.
“When the fertilizer plant will commence operation between April and May this year and the Refinery commences operation in April 2020, we will have a lot of savings from foreign exchange.
” In near future, we may be buying foreign exchange from the Dangote Group ,” he said.
Emefiele urged other private refinery licensees to develop capacity to build more refineries.
“I have not seen any licensee approach the bank for credit to build refinery.
” Remember, such licensee will approach his bank which will, in turn, assess his capacity to build such refinery and such request will be forwarded to the CBN for approval.
” If they have the capacity, we will support them through their banks,” Emefiele said.
In his remarks, Dangote commended the CBN for their support and for believing in the project.
He said that the largest single train refinery in the world, Dangote Refinery, would commence operations in April 2020.
Dangote said that the construction of the refinery that would be producing 650,000 barrels of crude oil per day by the Dangote Group was expected to help Nigeria save over $7.5 billion through import substitution.
He said that it would also put the country on the global map as a major oil and gas hub in Africa.
He said that the Dangote Refinery, therefore, would help the government create a robust domestic refining sector.
Dangote said that it would reduce the importation of petroleum products and save the country from capital flight.
“The refinery is going to save a huge amount of foreign exchange outflow because, today, forex is being used in the importation of petroleum products and our foreign reserves are being heavily depleted.
“And whatever little forex we are earning from the sale of crude oil, is being used to import petroleum products.
“Our petroleum refinery is going to have a major beneficial impact on the economy in terms of foreign exchange savings,” he said.
Dangote expects the company when it becomes operational to generate $5.5 billion in revenue from exports of refined petroleum products, fertiliser and petrochemical products.
Dangote said: “We will be adding value to our economy as all these projects are currently creating about 26,000 employment opportunities. The company is also expected to create about 80,000 employment opportunities.
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