“No more importation of petrol and fertilizer once my refinery is ready,” Dangote declares .

“No more importation of petrol and fertilizer once
my refinery is ready,” Dangote declares .
.
While speaking at the site of his refinery in Lekki,
Lagos, Dangote said: “Today, Nigeria imports 100% of
its fertilizer, but when we finish, Nigeria will be the
largest exporter of Urea and Ammonia in Africa. The
refinery is the largest single line in Africa and it will
meet our total domestic requirement and save
foreign exchange. .
.
38% of CBN’s foreign exchange is spent on
importation of petroleum products. But we can serve
the whole West African market. We are going to
serve the whole domestic market in the next 10
years and also export. We have actually been doing
this for a very long time to diversify the economy. .
.

The government will lay down the policies. The CBN
will assist in terms of long-term funding through the
banks and even directly now because they have
actually helped us quite a lot. That is what we are
now trying to do.” .
.
Godwin Emefiele, the CBN governor, who was also at
the Dangote free trade zone site of the refinery, said
the CBN would provide the needed foreign exchange
for the refinery, adding that the refinery, upon
completion, would generate $6 bn in foreign
exchange for Nigeria. .
.
His words: “Imagine what would happen to the
savings in foreign exchange by the time the fertilizer
plant is completed in 2017 and by the time the
refinery and petrochemical plant is completed during
the early part of 2018. .
We expect that by the time these projects are
completed, they will not only meet the needs of our
domestic requirements – by the time they are
completed, he (Dangote) will be exporting these
products to the point where he will be selling foreign
exchange to Nigerians and CBN to the tune of almost
$6bn yearly. .
.
That is the kind of project we think we should
support and we think that we need to encourage
more Nigerians to begin to think like Aliko Dangote.”
.
The refinery is expected to cost about N2.8 trillion
and refine about 650,000 barrels of crude oil per day