Alhaji Dangote has disclosed that and fertilizer factories are ready for production, he said “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 noted that local refining of petrol will bring the price down and help the country to save money. The project which also has petrochemicals and fertiliser plants is expected to help in the country’s plan for diversification. He said that 98 per cent of basic engineering on the fertiliser plant had been executed, while the construction had progressed by 30 per cent.
“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. “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 noted that by 2019, Nigeria will be able to save five billion dollars on oil importation. He expressed optimism in a readily available market to purchase the oil only three countries in Africa had effective and functional refineries. “By the time we complete this project, there will be opportunity to take on agriculture and say bye to poverty because there will be jobs; no sector has more job potential than agriculture.