Nigeria to Stop Fuel Importation by 2016 – Dangote

 

Aliko Dangote, Africa’s richest man and the president of the Dangote Group, has predicted Nigeria’s current fuel importation will stop by 2016 with the coming on stream of the proposed Dangote petrochemical project.

Dangote group is billed to build Africa’s largest refinery, petro-chemicals and fertilizer manufacturing complex in Nigeria with a loan secured from the consortium of banks that are providing a $3.3 billion credit facility for the project.

The $9 billion project represent 20 per cent of the nation’s reserve and a huge project meant to market the country as self-reliant in both petrochemical and petroleum products.

The Billionaire also noted that Nigeria currently spends about $30 billion dollars annually importing petroleum

products.

The business mogul stated this after a meeting with President Goodluck Jonathan, on September 4, 2013, Wednesday, after the signing of agreement for the establishment of the petrochemical project at Olokola, in Ondo state.

Briefing state house correspondents after a closed door meeting with the President after the signing ceremony, Mr. Dangote thanked the Government for providing the enabling environment for the private sector to thrive.