“No More Importation Of Petrol Once My Refinery Is Ready” – Aliko Dangote

Forum 8 years ago

“No More Importation Of Petrol Once My Refinery Is Ready” – Aliko Dangote

Africa’s richest man, Aliko Dangote, has said his refinery would put an end to fertiliser importation in Nigeria, transforming the country into a net exporter of refined crude and fertilizer.


“Today, Nigeria imports 100 percent of its fertilizer, but when we finish, Nigeria will be the largest exporter of Urea and Ammonia in Africa,” Dangote said.


“The refinery is the largest single line in Africa and it will meet our total domestic requirement and save foreign exchange.


“Thirty-eight per cent of CBN’s foreign exchange is spent on importation of petroleum products. But we can serve the whole West African market.”


“We are going to serve the whole domestic market in the next 10 years and also export. We have actually been doing this for a very long time to diversify the economy.


“The government will lay down the policies. The CBN will assist in terms of long-term funding through the banks and even directly now because they have actually helped us quite a lot.
That is what we are now trying to do.” he said