Another chapter will this year be
opened in the downstream sector of the petroleum industry, when business mogul
Alhaji Aliko Dangote kicks off his plan to establish a refinery in the country.
opened in the downstream sector of the petroleum industry, when business mogul
Alhaji Aliko Dangote kicks off his plan to establish a refinery in the country.
The federal government had, in 2011, granted approval to 19
multinationals for the setting up of private refineries in the country, but
none of them has come on stream due to the regulation of the price of fuel in
the country.
multinationals for the setting up of private refineries in the country, but
none of them has come on stream due to the regulation of the price of fuel in
the country.
Though details of where the refinery will be sited and its
capacity were yet to be made known, work on the refinery, which will cost $8
billion, will begin this year.
capacity were yet to be made known, work on the refinery, which will cost $8
billion, will begin this year.
At a breakfast meeting with some senior editors to mark his 57th
birthday in Lagos, Alhaji Dangote said work will start on the refinery once his
company secured the final approval from the federal government.
birthday in Lagos, Alhaji Dangote said work will start on the refinery once his
company secured the final approval from the federal government.
While acknowledging the fact that only a mad businessman
would consider establishing a refinery in Nigeria under the present uncertain
business terrain of subsidising the downstream sector of the petroleum
industry, Dangote pleaded with the government to allow market forces to
determine the price of fuel to allow the private sector play a significant role
in the industry.
would consider establishing a refinery in Nigeria under the present uncertain
business terrain of subsidising the downstream sector of the petroleum
industry, Dangote pleaded with the government to allow market forces to
determine the price of fuel to allow the private sector play a significant role
in the industry.
“We are all aware that the federal government had issued
19 licences to the private sector to establish refineries in the country, but
how many of them have come on stream? There is uncertainty in the sector and
only a mad businessman will put up a refinery now, but we are set to do that,”
he said.
19 licences to the private sector to establish refineries in the country, but
how many of them have come on stream? There is uncertainty in the sector and
only a mad businessman will put up a refinery now, but we are set to do that,”
he said.
Alhaji Dangote urged the federal government to put in place
critical infrastructure in all sectors of the economy to kick-start its rapid development.
critical infrastructure in all sectors of the economy to kick-start its rapid development.
He said that with the country’s population expected
to hit 200 million by 2015, there were no serious plans to take care of the
huge population.
to hit 200 million by 2015, there were no serious plans to take care of the
huge population.
He also called on the government to diversify the economy by
intensifying reforms in agriculture.
intensifying reforms in agriculture.
Source: Leadership
