The Chief Operating Officer, Dangote Industries Limited, Mr Olakunle Alake, said the $17 billion refinery project will create over 300,000 direct and indirect jobs by the first quarter of 2019.
Alake said that the refinery, petrochemicals and fertiliser plants were in one location. He said the project would be the single largest stream in the world.
In his words, “The refinery and fertiliser projects will create job opportunities for the communities and Nigerians when it becomes operational. The refinery will have a refining capacity of about 650,000 barrels of crude a day.”
He said the project would force down the price of Premium Motor Spirit in the country and save money spent on importation.
He said that projects such as these would optimise government revenue and wean Nigeria from relying solely on oil.
He said that the best way to diversify Nigeria’s economy is through agriculture and the fertiliser plant is in line with that goal.
The chief operating officer said that the 98 per cent of basic engineering on the fertiliser plant had been executed, while the construction had progressed by 30 per cent.
Alake said, “By the time we finish our gas pipeline it will be able to generate about 12,000mw which can be exported to other African countries.
He added, “We will have the capacity to store four billion litres of products and load 2,680 trucks per day. The project will aid the country with about 7.5 billion dollars forex savings on importation. It will also generate five billion dollars forex earnings from savings and another 5.5 billion dollars export earnings.”
Alake gave assurance that there would be markets for the refined products, saying that only three countries in Africa had effective and functional refineries, while others imported.