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$14bn refinery investment: CBN assures Dangote of support

11 January 2016, 11:11

Lagos - The Central Bank of Nigeria (CBN) has said that it would assist the Dangote Group to access foreign exchange to facilitate its 14 billion dollar refinery project.

Godwin Emefiele, the Governor of the CBN, said this during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.

The tour of the facility held on Sunday at its location within the Lekki Free Trade Zone in Lagos.

The CBN governor said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality.

"Your ongoing 14 billion dollar refinery investment will enjoy our support, no doubt.

"We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead,’’ Emefiele said.

Also read: Dangote Petrochemicals refinery will commence operations in 2018

According to him, the tour is necessary to lend our support to this laudable project that will transform Nigeria’s downstream oil sector.

"The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrol-chemicals, fertiliser and fuel will be produced, about three years ago.

"Today, the three projects, which are valued at 14 billion dollars (N2.8 trillion), are on course and this is highly commendable," he said.

Emefiele said the CBN would continue to support tremendous and impactful projects that would improve the socio-economic profile of the country through such investments.

He said the diversification of the Dangote Group was worthy of emulation by other industrialists.

"By the time this refinery is completed, it will not only service the needs of our domestic economy but shore up our international oil investments.

"Projects like this and our support will encourage more Nigerians to begin to think like the Dangote Group,’’ the CBN boss added.

Aliko Dangote, Chairman, Dangote Group, said that the refinery would commence commercial operations at the early period of 2018.



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