Dangote’s $9bn refinery to create 85,000 jobs, end fuel importation in 2016

The Dangote Group, chaired by popular and richest man in Africa, Aliko Dangote, has affirmed that the group’s $9 billion investmentinto establishment of refinery/petrochemical/fertilizer plant in Ondo State will create 85,000jobs and consequentially, importation of petroleum products is expected to cease by the end of 2016.

Dangote noted after the project was being launched recently that the $9 billion project, which represents 20 per cent of Nigeria’s foreign reserves, and the highest single investment in Africa will to make Nigeria self-reliant in supply of both petrochemical andpetroleum products.

He also revealed that the signing of the agreements will create jobs for about 85,000 Nigerians, including 8,000 engineers at the initial stage.
Hence, the presidency affirmed that the Dangote Group’s massive investment in refining, petrochemicals and fertilizer production would contribute significantly to the attainment of government’s priority objective of job creation.Dangote said the signing of the financial support agreement with major banks is a milestone in the industrialization of Nigeria.“Now, Nigeria is going to be taken out of the list of countries that import petroleum products. We will produce 20 million metric tonnes which is equivalent to what Nigeria consumes currently” he said adding that currently spends about $30 billion annually importing petroleum products.

Dangote, however, pointed out that there is noway the private sector can invest in Nigeria without good government policies.“We are not Father Christmas at all. The polices have to be right’, he said.

But president Goodluck Jonathan assured Dangote that his administration would keep onimplementing policies and measures to improve the operating environment for entrepreneurs and investors in the Nigerian economy.

The President also expressed the Federal Government’s appreciation of the support being given by Nigeria’s private sector to the implementation of his administration’s agendafor national transformation.“We are pleased that you are now investing in refining, petro-chemicals and fertilizer production. It is the downstream sector of oil and gas that can really create many jobs.

Your interest and investment in that area will help in the area of job creation which we have beenemphasizing.“You are also helping us to move away from being a mere producer of raw materials by adding value to our natural resources,”

The President told Dangote and members of his delegation that included delegates from Nigeria’s leading banks; Kola Jamodu; Femi Otedola, Jim Ovia and executives of the Dangote Group.

It is pertinent to recall that Dangote who is known for his astuteness in business and versatility in industrialization revealed recently that the project has been able to secure a $3.3billion credit facility from a consortium of banks for the refinery project.