The Central Bank of Nigeria; CBN Governor; Mr Godwin Emefiele recently promised that the apex bank would give foreign exchange support to Dangote refinery for equipment importation.
Emefiele, who disclosed this during a facility tour of the $14 billion refinery, said the project would be supported by the apex bank on importation of equipment for speedy completion of the project and to encourage other Nigerians to emulate the investment drive of Alhaji Aliko Dangote.
He disclosed that Dangote contributed 50 per cent equity to the N2.8 trillion investment projects.“We have to give him foreign exchange to import his equipment, because he will need foreign exchange to import expected equipment,” he said.
He also explained that the visit to the refinery was an opportunity to support the laudable project by the foremost industrialist.
While speaking at the event, Chairman; Dangote Group, Alh. Aliko Dangote stated that the pace at which contractors are delivering on their mandate, Dangote Petrochemical Company would commence commercial operations at the beginning of 2018.
According to him, he said the company is set to unveil the world ‘Largest Single Refinery’ which will make Nigeria self-sufficient in petroleum products refining and also become a major exporter of such products.
The project which is close to realisation would mark a turning point in Nigeria’s search for solution in meeting local refining needs for white products.
“We have in place state-of-the-art technology and equipment, to ensure the value chain which consists of crude reception facility, to the processing facility is adequately integrated,” he said.
He also confirmed that the plant has attained 90% percent of engineering work and that 80 per cent of equipment was already in the country, adding that it would be completed by 2017, “the project is generally on how to save foreign exchange in Nigeria and earn more by diversifying the economy,” he added.