<\/p>\n
With efforts being diverted towards the diversification of the nation\u2019s<\/p>\n
ailing economy, the Federal Government has described Dangote Fertilizer<\/p>\n
and Petrochemical projects as credible industrials undertaken capable of<\/p>\n
reducing poverty through generation of foreign exchange.<\/p>\n
<\/p>\n
Vice-President, Professor Yemi Osinbajo and President of Dangote Group,<\/p>\n
Aliko Dangote said the Dangote Refinery , Petrochemicals and fertilizers<\/p>\n
reputed to be the biggest in Africa when completed offered hopes in the<\/p>\n
quest for diversification of Nigeria\u2019s economy from total dependence on<\/p>\n
oil to other areas like Agriculture and Solid minerals.<\/p>\n
<\/p>\n
Osinbajo who was on working visit to the site of the projects at Lekki<\/p>\n
Free Trade Zone in Lagos in company with Ministers of Finance; Power,<\/p>\n
Works and Housing; Solid Minerals Development as well as the Minister of<\/p>\n
State for Trade and Investments expressed amazement at the size of the<\/p>\n
projects and reiterated government\u2019s preparedness to provide enabling<\/p>\n
environment for businesses to thrive.<\/p>\n
<\/p>\n
He commended the business acumen Aliko Dangote saying the projects<\/p>\n
remained the most important in the country presently and must be supported<\/p>\n
as it would help Nigeria\u2019s\u00a0 economy when completed.<\/p>\n
<\/p>\n
The Vice-President explained that the federal government would harness the<\/p>\n
potentials of the private sector to make the nation economy recover<\/p>\n
speedily.<\/p>\n
<\/p>\n
Addressing newsmen on the visit by the Vice-President, Dangote explained<\/p>\n
that the diversification of Nigeria economy was long over due and that one<\/p>\n
sector that Nigeria can focuses on\u00a0 to rejuvenate the economy is<\/p>\n
agriculture.<\/p>\n
<\/p>\n
He stated that his investment in fertilizer is one sure way the<\/p>\n
diversification into agriculture could succeeded because according to him,<\/p>\n
it will amount to little if focus is directed to agriculture and<\/p>\n
fertilizers would be imported.<\/p>\n
<\/p>\n
Said he: It is agriculture is the way to go, but a critical component of<\/p>\n
that sector is fertilizers, Nigeria has more arable land than China which<\/p>\n
now is the biggest economy in the world, we can tap into our vast land and<\/p>\n
produce what we need and even export the remaining.<\/p>\n
\u201cBy the time we complete this project, there will be opportunity to take<\/p>\n
on agriculture and say bye to poverty, because there will be jobs, no<\/p>\n
sector has more job potential than agriculture\u201d<\/p>\n
<\/p>\n
Dangote said the project was an ambitious one and that when completed it<\/p>\n
will give Nigeria a new economic direction in the quest for<\/p>\n
diversification of the economy, as excess products would be imported to<\/p>\n
give Nigeria the much needed foreign exchange. That is when<\/p>\n
diversification starts.<\/p>\n
<\/p>\n
Earlier, Dangote told the Vice-President that the $12 billion refinery<\/p>\n
would have a capacity of 650,000 barrels a day. He assured that there will<\/p>\n
be market for the refined products because even in Africa, only three<\/p>\n
countries have effective functioning refinery with others importing from<\/p>\n
abroad.<\/p>\n
<\/p>\n
Dangote named the countries with refinery as Egypt, South Africa and Cote<\/p>\n
\u2018de Ivore saying our refinery be ready in the first quarter of 2019.<\/p>\n
Mechanical completion will be end of 2018 but we will start producing in<\/p>\n
2019.”<\/p>\n
When the projects fully take off in 2019, Dangote said it will effects<\/p>\n
help the country save $5 billion spent on the importation of oil into the<\/p>\n
country.<\/p>\n
<\/p>\n
The Refinery, Petrochemicals and fertilizer in one spot according to him<\/p>\n
is the single largest stream in the world. \u201cThis site is the biggest site<\/p>\n
in the world, the refinery is the biggest single refinery in the world,<\/p>\n
the petrochemicals is 13 times bigger than Eleme petrochemicals while the<\/p>\n
fertilizer plant will be 10 times bugger than former National Fertilizer<\/p>\n
company .He explained that the project with the\u00a0 $2 billion fertilizer<\/p>\n
unit\u00a0 was the funded through loans, export credit agencies and our own<\/p>\n
equity.<\/p>\n
<\/p>\n
Speaking on the forex situation and the purchase of dollar from the<\/p>\n
Central Bank, Dangote said the $161 million his companies bought during<\/p>\n
that period from the central bank merely reflected the size of his<\/p>\n
business and did not represent preferential treatment.<\/p>\n
<\/p>\n
“We have been badly affected like any other company,” he said, arguing<\/p>\n
that operational costs totaled $100 million each month due to recurring<\/p>\n
expenses such as the purchase of parts for cement production and running a<\/p>\n
fleet of 9,000 trucks.<\/p>\n
<\/p>\n
“When you are talking about 20 billion dollars worth of projects, what is<\/p>\n
161 million? One-hundred-and-sixty-one million dollars is what I need in<\/p>\n
just six weeks,” he said.<\/p>\n
<\/p>\n
\u201cThis week, the central bank removed the peg that has held the naira at<\/p>\n
the official rate of 197 for the last 16 months, leading to a 30 percent<\/p>\n
devaluation as the currency traded freely on the interbank market.<\/p>\n
<\/p>\n
Dangote said the decline had pushed up costs.”This devaluation alone, we<\/p>\n
have lost over 50 billion naira ($176 million),” he said.<\/p>\n
<\/p>\n
“The gas, which is our main source of power, is priced in dollars. If<\/p>\n
there is 40 percent devaluation, your price will go up by 40 percent.<\/p>\n
Every single aspect of the production will go up by that percentage,” he<\/p>\n
said<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
With efforts being diverted towards the diversification of the nation\u2019s ailing economy, the Federal Government has described Dangote Fertilizer and Petrochemical projects as credible industrials undertaken capable of reducing…<\/p>\n","protected":false},"author":1,"featured_media":50700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-50699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n