Alhaji Aliko Dangote, Africa’s richest man and President of Dangote Group has said that his investment in the oil and gas sector was aimed at transforming Nigeria’s economy from a single commodity market to a sustainable diversified economy, Oriental News reports.

Speaking on Saturday when he hosted a forum of international business leaders and dozens of Nigerian business executives from Lagos Business School (LBS) at his refinery site in Ibeju-Lekki, Lagos, he said his mission was to take Nigeria out of the burden of import-dependency and make the country achieve self-sufficiency in the trade of commodities on which it has spent its earnings to import.

He said said the entire landscape where the refinery project is being built is six times bigger than the entire Victoria Island in Lagos, while the site of Dangote Petrochemical Project is 10 times bigger than Eleme Petrochemical Industry in Port Harcourt, Rivers State. Describing it as the largest single-train petrochemical facility in the world, Dangote said the crude oil processing factory was designed to refine 650,000 barrels per day.

He said the facility was completely designed for Nigerian crude oil, with the flexibility to process petroleum from other countries and that he was building Africa’s largest urea plant to produce three million tons of fertilizers yearly. He also said his company’s EWOGGS Pipeline Project would unlock significant gas supply to address the country’s energy needs, which he said required billions of dollars in annual investment.

 

 

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