• About
  • Advertise
  • Our Privacy Policy
  • Contact
Friday, September 29, 2023
No Result
View All Result
  • Login
MetrowatchXtra
  • WORLD
  • BUSINESS
  • POLITICS
  • HEALTH
  • SPORTS
  • OP-ED
  • ENTERTAINMENT
  • WORLD
  • BUSINESS
  • POLITICS
  • HEALTH
  • SPORTS
  • OP-ED
  • ENTERTAINMENT
No Result
View All Result
MetrowatchXtra
No Result
View All Result
Home BUSINESS

Dangote Refinery: Nigeria Could Save $3Bn Annually from Importation, Says Obaseki | METROWATCH

0 0
0
*L-R: Edo State Governor, Mr. Godwin Obaseki; former Ogun State Governor, Mr. Gbenga Daniel, at the commissioning of the 650,000bpd Dangote Refinery and Petrochemical plant, in Lagos.

*L-R: Edo State Governor, Mr. Godwin Obaseki; former Ogun State Governor, Mr. Gbenga Daniel, at the commissioning of the 650,000bpd Dangote Refinery and Petrochemical plant, in Lagos.

By Ogochukwu Isioma in Benin City

The Edo State Governor, Mr. Godwin Obaseki, has said the commissioning of the 650,000bpd Dangote Refinery and Petrochemical plant, the world’s largest single train refinery, has opened a new vista of opportunity for the nation’s economy, noting that the country can save over $3bn annually from the importation of petroleum products.

Speaking to journalists at the commissioning of the refinery, developed by Africa’s richest man, Aliko Dangote, Obaseki said the refinery is a game changer for Nigeria, hailing the genius, dexterity and inimitable entrepreneurial spirit of Alhaji Aliko Dangote.

The petroleum refinery with a capacity to process 650,000 barrels per day (bpd) is sitting on 2,635 hectares of land located in the Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will provide employment to over 100,000 persons.

He said, “Beyond the commissioning, the fact that we have finally got to the position where we can begin to refine products, particularly petrol and diesel locally is a breakthrough. What this means is that we will be saving up to 3 billion dollars in a year for not importing. That’s more than the amount we spend today on all our infrastructure, education, and health. That sort of money is coming back to the government for growth.

READ ALSO  Is Buhari a Reluctant Political Godfather?

“But beyond it, there is the certainty of supply, and capacity to not only produce for your market but to be able to export to the rest of the continent. And not just importing the kind of products you used to import, you are now processing and refining better quality products of international standard.”

According to him, “Before now, the bulk of what we used to buy was low grade, so it affected our vehicles. The maintenance status of our vehicles was lower than anywhere else. Today, we are producing something that’s of international grade and you can now sell an end product.

“So, for me, this is the game changer for Nigeria because you don’t only save what you used to spend but are now given the capacity to earn more. So, you are saving and also earning more.”

The governor added, “Look at the other materials that will come out of the refinery, particularly, the petrochemical plants. I mean, everything up here is all plastic, all petrochemicals. That means we now have a base material to produce most of these things that we need for packaging, for equipment like everywhere else and that’s a big export for us.”

READ ALSO  Buhari orders Security Agencies to Rescue all Captives across Nigeria

Speaking on other opportunities for growth presented by the refinery, Obaseki noted, “The biggest challenge in Nigeria today is jobs for young people. Why haven’t we created the number of jobs that I think we should give our population size? Beyond just investing in a facility like this that creates direct jobs, the materials being produced here will now have what we call multiple effects on our own range of industries.

“If you are in the business of food processing, all your packaging materials in the past, you waited for it to be imported. Today, you can make those packaging materials here, which means that you can do more. And so what we see is that this is the lever you need for industrialization, for creating materials small businesses need to be efficient, to be competitive, and do their work.”

Tags: Dangote RefineryGodwin ObasekiImportationNigeria
Ogochukwu Isioma

Ogochukwu Isioma

Ogochukwu Isioma is a graduate of Linguistics from the University of Benin. With over half a decade-long active journalism practice, Ogochukwu is the Founder and Publisher of popular education-focused online medium, CAMPUS GIST, and currently writes for METROWATCH. He can be reached via ogochukwuisioma@gmail.com.

RELATED POST

Edo: Court Stops Obaseki’s Impeachment Move against Deputy, Shaibu | METROWATCH
Latest News

BREAKING | Obaseki Accepts Shaibu’s Apology, Says to Err is Human, to Forgive Divine | METROWATCH

by Ogochukwu Isioma
September 28, 2023
0

By Ogochukwu Isioma The Edo State Governor, Mr. Godwin Obaseki, has accepted the public apology made by his deputy, Rt....

Read more
Edo: Court Stops Obaseki’s Impeachment Move against Deputy, Shaibu | METROWATCH

Eid-el-Maulud: Pray for Obaseki to Finish Well, Strong, Edo Deputy Gov urges | METROWATCH

September 27, 2023
Edo: Court Stops Obaseki’s Impeachment Move against Deputy, Shaibu | METROWATCH

Shaibu: ‘Temper Justice With Mercy’ — Edo North Group tells Obaseki | METROWATCH

September 26, 2023
Edo: Court Stops Obaseki’s Impeachment Move against Deputy, Shaibu | METROWATCH

Office Relocation: Place Emphasis on Honesty, Don’t Mislead Edo People for Political Gains — Shaibu tells Obaseki | METROWATCH

September 20, 2023
Gas Retailers

12.5kg Cooking Gas Price May Hit N18,000 December, Gas Retailers Say | METROWATCH

September 18, 2023

BREAKING | Shaibu Moves Out of Edo Govt House on Obaseki’s Order | METROWATCH

September 11, 2023
Load More

APO

Recent Posts

  • BBNaija All Stars | ‘Angel Worth More than N120m’ – Soma Reveals | METROWATCH
  • BBNaija All Stars | ‘Doyin Fake, I Wasn’t Comfortable with Her Friendship’ – CeeC | METROWATCH
  • WHO Releases $16m to Tackle Cholera | METROWATCH
  • We are Ready to Shut Down All Oil Field Locations – TUC Declares | METROWATCH
  • I Did Not Mean to be Offensive – Italian Journalist Marika Fruscio Pleads with Nigerians after Post Knocking Osimhen | METROWATCH

Recommended

Buhari Mourns Shonekan, Says Nigeria Owes a Great Debt to Him

Buhari Mourns Shonekan, Says Nigeria Owes a Great Debt to Him

2 years ago
soludo

Soludo Praises IG, Vows to Ensure Justice over Extrajudicial Killings in Anambra

7 months ago
MetrowatchXtra

MetrowatchXtra is an online daily newspaper poised to act as a catalyst in our debate and desire for well-governed Nigeria and provide the much-needed platform for all, irrespective of social, religious or political divide, to express their views.
Metrowatchxtra Nigeria

  • About
  • Advertise
  • Our Privacy Policy
  • Contact

© 2022 Metrowatchxtra Nigeria

No Result
View All Result
  • Politics
  • World
  • Business
  • Science
  • Entertainment
  • Sports
  • Tech
  • Health

© 2022 Metrowatchxtra Nigeria

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist