Dangote Refinery Will Generate Foreign Exchange Inflow — Obi

The Dangote Petroleum Refinery and Petrochemicals, according to Peter Obi, candidate for president of the Labour Party, will help the nation’s economy.

The world’s largest single-train petroleum refinery, according to ABN TV, was officially opened on Monday by the president, Major General Muhammadu Buhari (ret.), in Lagos State.

The Dangote Industries Free Zone in Ibeju-Lekki, Lagos State, hosted the opening, which was attended by senior government representatives from Nigeria and other African nations. Governors, legislators, government officials, royal fathers, business leaders, and well-known Nigerians from all walks of life are among the attendees.

Former governor of Anambra State Obi responded to the idea on Twitter by saying it would be “very beneficial to Nigeria’s economy”.

He claims that the refinery, which has a daily capacity of 650,000 barrels of crude oil, will be able to supply Nigeria’s internal demand for petroleum products while also saving the country the much-needed foreign currency it currently spends on its importation.

He wrote, “By supplying the surplus to the International markets, Nigeria will reposition itself as a key player in the downstream petroleum sector of the global market. In moving Nigeria from consumption to production.”

“I have always argued for greater private sector participation in the economy as exemplified by the Dangote Group. I believe the Dangote Refinery will be very beneficial to the nation’s economy.”

“By moving Nigeria from a net importer to a net exporter of petroleum products, this refinery will create numerous jobs and generate needed foreign exchange inflow.”

“This refinery is another milestone towards the New Nigeria, to which I am committed. That new nation will be an enabling environment for a booming private sector that will see the rise of many micro, small, and medium-scale businesses that will boost the nation’s economy and foster increased productivity among our people,”

The apex bank boss also said that the project would generate up to 12,000WM of electricity, saying, “I am also proud to state that the project will generate up to 12,000MW of electricity. In addition, the refinery and the other ancillary projects will have significant multiplier effects on other sectors of the economy by supporting a diverse range of sectoral value-chains.”

Godwin Emefiele, governor of the Central Bank of Nigeria, stated the projects would assist Nigeria’s economy when he spoke at the ceremony.

He claims that the project will create more than 135,000 permanent jobs in addition to thousands of direct jobs and millions of indirect jobs.

He noted that disregarding employment by the numerous contractors and subcontractors at the project site, there are close to 4,000 Nigerians working there.

Emefiele added that the project might relieve the nation’s financial and foreign exchange burdens.