Dangote Pledges to Help FG Turn Around Nigeria’s Economy

Nigerian business mogul, Aliko Dangote has promise to play a key role in the revamping of the ailing local economy.

Alhaji Aliko Dangote
 
Foremost industrialist and richest man in Africa, Alhaji Aliko Dangote, has restated his commitment to assist the Federal Government in turning around and diversifying the country’s economy, according to NTA news.
 
This was revealed after he bagged a prestigious award on Friday at an event organised by The Guardian Newspapers Limited. He was awarded the “Man of the Year 2015’’ in Lagos.
 
According to him, in the next two and a half years, the Nigerian economy will feel the corrective effects of the economic plans stated by his company.

“We want to do that by looking at critical areas where Nigeria is not doing well in terms of local production and tackle the problem areas.

“Number one is refinery, Dangote Group is building a refinery which will produce 650,000 barrels of petrol per day; the current capacity that we have as a country now, both the ones that are working and the ones not working, is just 450,000 barrels per day.

“Our petrochemical is ten times that of Eleme, we are at 1.3 million, Eleme is 120,000, so it will be the largest petrochemical industry in Africa.

“In fertilizer production, we are not only trying to satisfy the market, but our size is three million tonnes which is ten times more than what is available in Nigeria today.

“We are trying to make sure we satisfy the local needs and also export and we thought about how to address our power issues, the only way we can address power issues is to have enough gas and sort out distribution.

“Distribution is important because unless you collect money from the consumers, you cannot grow.

“There are two sub-sea gas pipelines coming from Bonny which will produce about three billion volume of gas which is exactly about the same size of LNG.

“We are committed to turning around the economy of Nigeria and in the next two and a half years, Nigeria will be the highest oil petroleum products export country, will be the highest in terms of fertilizer export, will be the highest in petrochemicals export.

“Nigeria will also be the highest in terms of cement export in Africa,’’ he said.

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