I have been following the happenings over the past few weeks in preparation for the official commissioning and inauguration of the Dangote Refinery and Petrochemical Ltd. today Monday, the 22nd of May, 2023. It is quite surprising to have noticed with dismay how some Nigerians are basically not celebrating or behaving indifferent to the issue.
I am actually beginning to feel that some of us are qualified to be called “pessimists” or simply addicted to bad news.
This may partly be explained because of the past antecedents of some of us that may not consider the person of Alhaji Aliko Dangote to suit into their own narrative of the ideal personality to pull-up such an unprecedent and momentous project.
The over $19 billion facility was partly financed by a conglomerate of local banks; and according to the CBN Governor at the Commissioning ceremony, the company has already repaid over 70% of the loan allowing those banks to have enough liquidity and issue more loans and generate more money and profit.
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The positive multiplier effects and impact of the Dangote Refinery and Petrochemical Projects to both Macro and Micro Economic segment of this nation cannot be over emphasized.
• The facility has the refining capacity of over 650,000 barrels a day, the largest the world over and it surpassed our local consumption demand of around 400,000 barrels a day.
• It has the potential of creating over 100,000 direct and indirect jobs.
• The Company already trained 900 young Engineers on refining related operations abroad.
• The facility is powered by its own internally generated 435 mega watts power plants that will also serve some part of Lagos.
• It has the potential of bringing an end to the wasteful subsidy regime that has so far engulfed over N17 Trillion of tax payer’s money.
• The project when operational will drastically ease the pressure on the Naira by reducing the demand for Forex/Dollar to import refined petroleum products, which will eventually help the Naira appreciate over the US Dollar.
Without a doubt, this giant stride deserves accolade and encouragement for the company to scaleup its operations towards achieving both its short and long-term goals of transforming and putting the country amongst the Oil and Gas Exporting Economies.
Before the Dangote Refinery got its license more 20 licenses where issued by the Government but non see the light of the day.
In conclusion, i am calling on all well-meaning Nigerians to be proud and happy to celebrate and associate with Alhaji Aliko Dangote and the Dangote Refinery & Petrochemical Ltd. for achieving this tremendous milestone.
STAND UP FOR THE CHAMPION!!
DON YABON GWANI YA ZAMA DOLE.
Zubairu S. Darazo is an Islamic finance expert and can be reached at [email protected]
