By Henry Uche
The president of African Development Bank (AFDB), Akinwumi Adesina, has said that Dangote Refinery would save Nigeria about $9billion from importing refined petroleum products when the refinery fully begins operation.
Adesina, who made this known on Saturday during a tour at the construction site of the refinery, codenamed the petrochemical company, “Africa’s Growth Acceleration Company” (AGAC), maintained that it is capable of taking care of Africa’s petroleum needs even to the rest of the world.
According to him, consistent fiscal policies, essential infrastructure and support for indigenous industrialists and achievers are essential for more of Dangotes to emerge in the country, stressing the need to harness Nigeria’s human capital for the socio-economic growth, development and sustenance, not only for Nigeria but to the rest of the world.
“This refinery is world class, capable of reversing the trend of exporting crude oil and importing refined products therefrom, as well contribute to the value chain. This project is Africa’s pride because it would serve as the industrial free gate for massive Industrialization.
“We have invested about $300m in Dangote because we have faith and confidence in him. And, in fact, every nation needs Dangote, we shall continue to support African champions. Most importantly, our human resources and infrastructural development must be our top priority” he added.
The AFDB’s boss revealed that Africa has about $38tr worth of natural resources, yet the continent keeps exporting raw material saying, “Any country that export raw material eventually becomes poor, while those that export value added products became rich because they dominate the top of the value chain.”
This project is expected to do 650,000 barrels a day of crude oil refined into different kinds of products, doing it into 33 millions metric tons of Products, Serving different sectors of the economy, reverse the trend and make Nigeria not only self sufficient in petroleum products but a competitive player in the market.