The President of the Dangote Group, Aliko Dangote, said about 8,000 engineers would be needed for the smooth take off of the nine- billion- dollar Dangote Refinery/Fertiliser plant in Ondo.
Dangote told State House correspondents on Wednesday in Abuja that the project, when completed, would provide direct and indirect jobs for 85,000 Nigerians.
He said the group had secured a 3.3 billion-dollar credit facility from a consortium of banks for the project.
According to him, importation of petroleum products will end by 2016 as the plant will commence production in the next three years.
He said his plan was to make the country self-reliant in petrochemical and petroleum products, as well as make it an industrial giant.
“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.
“Today, we did the signing ceremony, the vice-president came to witness the signing but we insisted on coming to thank Mr president for his policies .
“Without good government policies, there is no way the private sector can invest in Nigeria, because we are not Father Christmas at all. The policies have to be right,” he said.
According to Dangote, Nigeria currently spends about 30 billion dollars annually on importation of petroleum products.
He said the complex planned by his group would make Nigeria a net exporter of petroleum products, including diesel and aviation fuel, as well as poly-propylene and fertiliser. [NAN]
Why are people celebrating Dangote’s intention to build refinery as a development? We re shifting to a monopolistic economy which portends grt danger. It is well
Kola keep quiet and go read your books. Its clear you know nothing.
this man is trying to help our economy lets joins hands to make NIGERIA a GREAT NATION
GOD BLESS DANGOTE.
Long live Dangote!
It portends grt danger for the sub structure to be determined by a single person. What has happened to the refineries in Nigeria? I wld support his intent if Govt revamps the existing ones… Wise up Nigerians
@kOLA;
I am sure you are one of those funny Nigerians who struggled to cross the border to other developing countries & would always want to assert your views on people simply because you are in U.S.A or Poland or Ukraine.
I will like to inform you that we have very rich men in Nigeria who will rather carry their money to Europe to invest simply because the money is ill gotten. So why should I be panicking because Dangote is the only person investing his money in Nigeria. I challenge you to identify anyone who will be willing to take that risk, as you know every investment is a risk.
We should acknowledge effort from the vibrant, progressive & aggressive investors like Dangote, Otedola, Mike Adenuga, Jim ovia and many more of them who sacrifices for the economic development of the nation & stop being a PESSIMIST.
@Nasir,
I wonder what part of the world you come from: Monopoly is bad for any economic to grow as the monopolistic industry determines the market for the consumer is this the kind of economy you want????
Come to think of its this is also a LOAN FROM BANKS….Not his money….why cant the federal government revamp the existing Refineries? Why are they enriching the few and allow for the pyramid of wealth to favor the RICH….this has nothing to do with been in USA,UK,GERMANY OR WHERE EVER….Its about the government taking up its responsibilities….HAVE YOU ASKED YOURSELF WHERE ALL THE MONEY RIBADU RECOVERED IN EFCC went to….What about the money gotten from ABACHA,…..Where is the Money……its better to be Pessimistic than to be a Moron who laughs in the open when he is slapped and cries in his Closet…..
IT TAKES A MAN TO LEAVE THE SHORES OF HIS COUNTRY TO GO AND STRUGGLE FOR SURVIVAL IN ANOTHER MAN’S LAND: JUST LIKE PEOPLE LEAVE THE VILLAGES TO MOVE TO THE CITIES….ALL WE HAVE FROM THE PRESIDENCY TO THE COUNCILLOR ARE NOTHING BUT PEOPLE THEIR TO ENRICH THEIR POCKETS WITH NO GOOD POLICY FOR THE COUNTRY….WHERE IS OUR RAILWAY LINE….IF DANGOTE IS SUCH PHILANTHROPIST LET HIM REVITALIZE THE RAIL SYSTEM THAT HE MADE TO CRUMBLE….SHOW ME THAT COUNTRY DEVELOPING WITHOUT A PROPER TRANSPORT SYSTEM….NOT TURN OUR HIGH TO DEATH TRAPS WITH HIS TRUCKS AND MONOPOLIZING EVERYTHING…..TELL ME HOW MANY THAT CAN AFFORD CEMENT TO BUILD HOUSES?????
MAY GOD HELP US ALL IN THE HANDS OF THESE WICKED MEN…
@Golden
I do not agree with your views. What you have explained is simply from Economic text books from the class room. We are talking about reality & you are there talking about the economy becoming a monopolistic one. When the government was running Nitel was is not similar to the monopoly you are talking of? Why do people always like been so narrow in their reasoning? Where is the NITEL today?
When MTN came to Nigeria, who new that other companies like GLO & Etisalat e.t.c will follow suite? My friend please understand that the government is not restricting other investors from building a refinery in the country. What is simply restricting other is the fear of putting their money in such a large investment that is full of risk.
For the issue of the money been a bank loan, bank loan or not it is Dangote that is investing the money. If it is that easy to get a bank loan as much as that, let other go and do the same & bring it back to the economy & invest. How many people collect bank loan without achieving the objective for which the money was meant.
My friend its better for those who think otherwise about efforts like this to just keep shouting and saying everything they wish, the guy (Dangote) is there making is Billions of Dollars. After all if he wishes he could go to Kenya, Sudan, South African, Senegal, Niger or Mali to invest his money & we cannot do anything about that.
It is better to run a monopoly than to keep importing petroleum product from outside & we don’t like that we can as well jump into a Volcano.
What the Fedral Govt can not do, one man Dangote, can do and do it better. Let us give him our prayers and support him maximaly.
Nice one… Lets welcome d ideal cheerfully!.
Helo naija pple make we join hands 2 support dangote in prayers 4 d gud ideas him bring wey go help our society 2marrow 2 raise dis nation.
Thanks! goes to Goodluck, for giving the private sector a platform to invest in nigeria. Lets pray for Dangote Nigerians
@Nasir and all.. Have been around the world and things are not the way they are in our beloved country.. We have four to five refinaries that are dead. I would support Dangote’s intent if Govt revamps the existing ones rather than shifting to a monopolistic economy… That’s what I’m saying.
@Kola
My friend please understand that the government is not restricting other investors from building a refinery in the country. What is simply restricting other is the fear of putting their money in such a large investment that is full of risk.
On the issue of the government revamping the refineries, I want you to understand how large the country is & the size of our population, the infrastructures and facilities that are urgently needed. Look at the education sector for instance, if the government revamp the refineries with the little resources that it has, the other sector could suffocate or rather it will be an excuse for those politicians to ignore the other sectors of the economy. It is better we don’t give them the chance to give us excuses for non-performance.
I will rather be in support of the government selling those refineries to other interested investors than to revamp them with the little resources the country has. We should not deceive ourselves to thinking that Nigeria is rich when its GDP is just about $500 – $600 Billion for 160 million population, while the U.S.A is making $15 Trillion for about 350 million population, but is still avoiding partaking in business.
Nigerian government should rather regulate the activities of investors and investing companies so that they do not exploit the citizens or become monopoly in nature.
These investors believe in the country & that’s why they don’t listen to whatever people say they still invest in the country. GOD BLESS THEM ALL.
Hmmm my advice 4 dangote s dat he should try all his effort 2 bring t back&god we help him.Amin
@golden… You definetely understand me.. May God bless you and your family.
The question u guys should be asking is; why are our refineries not working? If u read wikileaks revelation, u ‘ll discover to ur utter amazement that dangote is not the saint u people think he is. Our govt over the years, ve conived with dangote to further impoverish nigerians. When yaradua was alive, he pleaded with dangote to bring down the price of cement from 2000 naira to 1000 naira, dangote retorted by saying “yaradua should back of cement or face the consequence”. Of a truth, he (dangote) provides job for the masses. What about those nigerians that this policies of the that favours dangote ve impoverished? How many of u are aware that, sometime ago, dangote threatened to sue the federal govt because it granted license to Ibeto to start producing cement? Its not enough to be praising dangote because he’s not the saint u think he is. Instead of defending and praising him, I urge u to read journals, newspapers, etc. And if possible, carry out a research on dangote- argue objectively and stop supporting and following him blindly.