The Central Bank of Nigeria (CBN) has assured Dangote Group that it will support it with access to Foreign Exchange, in order to build its proposed $14 billion refinery. Godwin Emefiele, CBN Governor made the claims while on a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.
Emefiele 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. He disclosed that the apex bank is doing same to fast-track the importation of equipment needed for the speedy completion of the project and to encourage other Nigerians to follow his lead”
The apex bank chief noted that the tour is necessary to lend its support to a 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, fertilizer, 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, ‘’ he said. 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,” the CBN boss added.
On his part, 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,” he said.
