Dangote Set To Build $8bn Oil Refinery in Nigeria

Y'all just have to agree when I say he is a business man to the core...see for yourself 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. 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. 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. 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. “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. Alhaji Dangote urged the federal government to put in place 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 <br>

Y'all just have to acquiesce when I state he is an enterprise man to the core...see for yourself


The Federal government had, in 2011, allocated approval to 19 multinationals for the setting up of personal refineries in the country, but none of them has come on stream due to the regulation of the price of fuel in the homeland.

Though details of where the refinery will be sited and its capability were yet to be made renowned, work on the refinery, which will cost $8 billion, will start this year.

At a breakfast gathering with some senior editors to assess his 57th birthday in Lagos, Alhaji Dangote said work will start on the refinery once his business protected the last acceptance from the government government.

While acknowledging the detail that only a mad businessman would address setting up a refinery in Nigeria under the present unsure business terrain of subsidising the downstream part of the petroleum commerce, Dangote pleaded with the government to allow market forces to work out the cost of fuel to allow the personal part play a important function in the commerce.

“We are all cognizant that the federal government had issued 19 licences to the personal part to set up refineries in the country, but how numerous 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 location critical infrastructure in all parts of the finances to kick-start its fast development.

He said that with the country’s community expected to strike 200 million by 2015, there were no grave plans to take care of the huge population.

He furthermore called on the government to diversify the finances by intensifying restructures in agriculture.