Dangote Refinery to save Nigeria’s $7.5bn fuel import

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Source: New Telegraph

The 650,000 barrels of crude oil per day Dangote Refinery is expected to help Nigeria save over $7.5 billion through import substitution when the refinery comes on stream. Also, Nigeria is to expected to generate additional $5.5 billion per annum through exports of the refined petroleum products, fertilizer and petrochemicals from the world’s largest single line refinery and petrochemical complex. About 4,000 direct and 145,000 indirect jobs are expected to be created through the refinery. Group Executive Director of the refinery, Devakumar Edwin, who declared these at the weekend, maintained that the project would put Nigeria on the global map as major oil and gas hub in Africa.

His words: “We will be adding value to our economy as all these projects will be creating about 4,000 direct and 145,000 indirect jobs. We will also save over $7.5 billion for Nigeria annually, through import substitution and generate an additional $5.5 billion per annum through exports of the refined petroleum products, fertilizer and petro chemicals.”

Edwin stated that the Dangote Refinery would help the Federal Government create a robust domestic refining sector that could reduce petroleum products imports and save the country from capital flight. “The refinery is going to save a huge amount of foreign exchange outflow because, today, forex is being used in the importation of petroleum products and our foreign reserves are being heavily depleted. And whatever little forex we are earning from the sale of crude oil, is being used to import petroleum products.

Our petroleum refinery is going to have a major beneficial impact on the economy in terms of foreign exchange savings. “Secondly, Nigeria’s crude oil demand has reduced with the introduction of shale oil into the market. Shale oil is equally as good as the Nigerian crude and it is available in substantial volumes,” Edwin said.

Nigeria’s biggest consumers like China and India, he added, “have reduced their demand because they could get similar products. Even earlier, they had started focusing on heavier crudes because they believed that they could make more money. Our refinery will give an assured market for the Nigerian crude.” Speaking on the progress report of Dangote Refinery, he said: “We are currently building the world’s largest single line Refinery and Petrochemical Complex and the world’s second largest Urea Fertiliser plant.

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