Nigeria to Stop Fuel Importation by 2016 – Dangote
Aliko
Dangote, Africa’s richest man and the president of the Dangote Group,
has predicted Nigeria’s current fuel importation will stop by 2016 with
the coming on stream of the proposed Dangote petrochemical project.
Dangote
group is billed to build Africa’s largest refinery, petro-chemicals and
fertilizer manufacturing complex in Nigeria with a loan secured from
the consortium of banks that are providing a $3.3 billion credit
facility for the project.
The $9 billion project represent
20 per cent of the nation’s reserve and a huge project meant to market
the country as self-reliant in both petrochemical and petroleum
products.
The Billionaire also noted that Nigeria currently spends about $30 billion dollars annually importing petroleum
products.
The
business mogul stated this after a meeting with President Goodluck
Jonathan, on September 4, 2013, Wednesday, after the signing of
agreement for the establishment of the petrochemical project at Olokola,
in Ondo state.
Briefing
state house correspondents after a closed door meeting with the
President after the signing ceremony, Mr. Dangote thanked the Government
for providing the enabling environment for the private sector to
thrive.
