With just a few days to the inauguration of Dangote Refinery, the Lagos Chamber of Commerce and Industry (LCCI) on Wednesday commended the efforts of its visioner, Alhaji Aliko Dangote, and the Federal Government for translating the local crude oil refining dream into a reality.
The leading organized private sector (OPS) group, in a statement by its Director-General, Dr. Chinyere Almona, noted that the refinery, which is expected to be Africa’s biggest oil refinery and the world’s single-trained facility, had a capacity of 650,000 barrels per day (bpd) which is sufficient to meet Nigeria’s need for refined petroleum products.
According to Director-General, the Chamber views the refinery’s impact on the Nigerian economy as significant based on the fact that it will save and generate foreign exchange (FX), create jobs, positively affect the value of the Naira, broaden prosperity for the downstream sector, and provide growth opportunities for businesses, amongst other benefits.
She expatiated: “In addition, the Chamber expects the Refinery to fuel further growth and development across its value chain, including cosmetics, plastics, textiles, etc. We also see room for the development of added value in agribusiness, including the Sugar Backward Integration projects that plan to create a strong localized supply in the sugar industry, benefiting local suppliers across the sugar value chain.
“Finally, the Chamber notes that this initiative presents Nigeria as an attractive investment destination for local and foreign investors. Therefore, the LCCI urges the government to strengthen its commitment to creating an enabling environment for businesses”, Almona added.
