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Dangote Refinery Update

After a long time of failure by the government to construct modern refineries as resolution to the incessant gasoline scarcity within the country, a new daybreak is breaking with the Dangote Lekki Refinery, a personal sector funding by Alhaji Aliko Dangote, Nigeria’s foremost enterprise tycoon, adjudged by Forbes because the richest man in Africa. Dangote represents a beacon of hope and inspiration in Nigeria.

His vision for business development in Africa and Nigeria in particular is incomparable and unprecedented. Nigeria is indeed blessed to have him as one in all her eminent residents. His impacts petroleum equipment charlotte nc korea on the socio-financial improvement of the nation resonate in several sectors of the economy.

The refinery is coming as an enormous relief to Nigerians, who’ve borne the brunt of the mismanagement of the country’s ample oil sources. That Nigeria, until lately, the sixth largest oil producer on this planet, has no purposeful refineries is confounding.

Dangote Refinery Update
In March 25th, 2017 it was published that the Lagos State governor, Mr. Akinwunmi Ambode, stated about $60million would be pumped into the continuing improvement of the Lekki Free Commerce Zone (LFTZ) inside the following six months.

The governor, who spoke when he met with stakeholders at the Zone, assured that he remains dedicated to addressing the challenges and guaranteeing the mission is actualised.

“I need to assure that our monetary dedication to LFTZ will likely be improved in 2017, that’s, we are going to speed up to quickly clear our excellent counterpart funding for the Zone.

In petroleum equipment charlotte nc korea essence, we anticipate that in the subsequent six month, we must be having an investment of over $60 million. Early I consider that when we invest our share of the fund and China Africa Lekki Investment Limited (CALIL) does, it will bring a serious growth for the Zone,” he said.

The governor mentioned that putting the fund at the Zone at a time when Nigeria was regularly easing its method out of recession wouldn’t only improve infrastructure and increase growth, but may even help attract more traders to the Zone.

He mentioned over $6billion has been invested within the LFTZ in the previous couple of years, with Dangote Group offering a lion share of about $4billion.
Ambode mentioned:

“Over $6 billion has been invested within the Zone in the previous couple of years with Dangote share within the lump sum at $four billion and now we have a land space of over 16,000 hectares of which, only a portion of it is activated.

We are all conscious of the investments by Dangote Group and the China Africa Lekki Funding Limited (CALIL), had finished because it issues the partnership they signed with the Lagos State Government. And this partnership made the company own 60 percent whereas Lagos owns 40 p.c.”

Ambode also assured that work would start on the Lekki Deep Sea Port next month, saying that it was also a crucial infrastructure that may appeal to extra investors into the Zone and guarantee return on funding.

“With the continuing building of the seaport, airport and others, it’s apparent that a single street isn’t sufficient for the Zone.

It’s now clear that we must dualise the Lekki-Eleko Highway past the Zone to be able to withstand the inflow of vehicle that will be making use of the street to access the Zone. With this, we will be capable to maintain the investments in the realm,” the governor said.

He expressed optimism that with the Lekki Deep Sea Port, Dangote Refinery and Lekki Airport coming on board, the Lagos East axis would witness large economic turnaround within the subsequent two years.

Supply: Guardian and The Nation On-line
Dangote Oil Refinery to start out Operation in 2019

Dangote in an interview with Reuters disclosed that the refinery, estimated to cost some $12 billion, would have the capacity of 650,000 barrels of oil per day.

“It shall be prepared in the primary quarter of 2019, mechanical completion might be finish of 2018 however we will start producing in 2019,” the billionaire founder of Dangote Cement mentioned of the refinery.

In line with him, the plant will embody a $2 billion fertilizer unit, was being funded through “loans, export credit score agencies and our personal equity,” adding that about $three.25 billion had come from native and international banks, whereas the central bank had also chipped in. The International Finance Company, the non-public sector arm of the World Bank, has lent $150 million.

Source: africanews.com
Learn: Dangote Begins Installation Of Oil Refinery Gear

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