GTB 737 banner Yudala banner

CBN assures Dangote of forex for $14 billion refinery

By News Express on 11/01/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 1,414


The Central Bank of Nigeria (CBN) has said that it would assist the Dangote Group to access foreign exchange to facilitate its 14 billion dollar refinery project.

Mr Godwin Emefiele, the Governor of the CBN, said this during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.

The tour of the facility held on Sunday at its location within the Lekki Free Trade Zone in Lagos.

The CBN governor said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality.

“Your ongoing 14 billion dollar refinery investment will enjoy our support, no doubt.

“We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead.”

According to him, the tour is necessary to lend our support to this laudable project that will transform Nigeria’s downstream oil sector.

“The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrol-chemicals, fertiliser and fuel will be produced, about three years ago.

“Today, the three projects, which are valued at 14 billion dollars (N2.8 trillion), are on course and this is highly commendable.”

Emefiele said 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.”

Alhaji Aliko Dangote, Chairman, Dangote Group, said that the refinery would commence commercial operations at the early period of 2018.

“We are set to unveil the world’s largest refinery which will make Nigeria self-sufficient in petroleum products refining and also become a major exporter of oil.

“This project will mark a turning point in Nigeria’s search for local refining of crude oil.

“We will ensure the value chain in crude oil production is uplifted and other facilitators properly integrated into our scheme.”

The chairman said that the fertiliser production aspect of the refinery would be completed by 2017.

Dangote said: “This project is generally about saving foreign exchange and earning more for our nation through the diversification of the economy.

“We started with local production of cement and today we export more than 12 tonnes of it.

“We don’t need dollars now to continue to produce Dangote Cement and that is the same thing we will do with this refinery.

“This refinery will have the capacity to serve this country optimally and it is part of our contribution in the vanguard to diversify our economy.” (NAN)

•Photo shows CBN Gov. Emefiele.

Source News Express

Posted 11/01/2016 04:45:53 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
South Korea commends Nigerian armed forces, offers partnership...

Talk less and let your lawyers do the...

Return of Onshore/Offshore Dichotomy to spell doom for...

Anambra governorship: My defeat of Ngige, Nwoye, a...

Only political party can decide candidates for election...

Today’s weather forecast, By The Nigerian Meteorological Agency...

SSS detains El-Rufai?

FG vows to implement Economic Plan

Minister meets key players in UK Digital TV...

Buhari’s Army of Occupation in Igbo-Land: The making...

Nigeria apologises to Saudi Arabia over Ramadan dates...

Re-run elections to hold Saturday in Benue, Imo,...

 

Latest News The Chinese Prince and the Starving Tigers UK frustrates Nigeria’s efforts to close down Radio Biafra Adegboruwa faults proscription of IPOB, says it is faulty in law Lagos establishes special security squad to protect schools Nurses, midwives join nationwide strike Nigerian Nationals in USA condemn Nigerian Army’s alleged barbarism in South-East Arewa Youths, Igbos sign peace pact in Awka Africa is the next maritime investment haven — NIMASA DG Judge stalls proceedings in application seeking permanent forfeiture of $5.7m by Patience Jonathan Public officers who embezzle public funds are thieves, says Primate Okoh Oil Wells: Rivers APC demands apology from Wike EFCC commends CJN over anti- corruption courts

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (278,478 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (260,365 views) Shameless Genevieve Nnaji exposes breasts in public (211,467 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (177,605 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (176,701 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (158,294 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (136,688 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (126,757 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (120,266 views) Lagos plane crash: Journalist releases victims’ names (111,199 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (110,377 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (102,737 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (28) Business (2,693) Business Verdict (22) Columnists (742) Complaints & Requests (93) Enterprise & Opportunities (178) Entertainment (378) Features (487) Global Business Monitor (178) International (1,543) Interviews (129) Live Commentary (28) Love Matters (73) News (28,558) Opinion (809) Pidgin (8) Politics (3,935) Religion (627) Sports (1,322) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

Manchester United vs Everton 4-0 All Goals & Extended Highlights

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!