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Dangote Refinery Will Save Nigeria Over $10bn ― Finance Minister

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Zainab Ahmed

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed expressed the eagerness of President Muhammadu Buhari administration for the Dangote Refinery to commence operation, says it will not only save the country over $10 billion spend on crude importation but also create jobs.

Speaking while been conducted round the ongoing Dangote Petroleum Refinery, Petrochemical complex, fertilizer plant and Subsea gas pipeline projects, Zainab said that the government will continue to provide enabling environment to grow local business and attract investors.

“We are very confident that once Dangote refinery commences operation it will save us over $10 billion Nigeria spent on importing crude oil and also help to build local capacity and create jobs. The money we save will help to strengthen our macroeconomy which will, in turn, encourage investors to come in.

The Minister who also inspect the ongoing Apapa-Oshodi-Ojota-Oworonshoki Expressway, however, assured Dangote group of the Federal government support in ensure the reality of the project,

“We are going to be providing some intervention in area of duty and some tax waver which is available to every organization in that sector and part of my visit is to see the benefit of incentive we have been providing.

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On his part, President of Dangote Group, Aliko Dangote said that on completion of the refinery project next year, they intend to grow the company revenue from $4 billion to $30 billion while creating massive employment opportunity.

“By the time we finished this refinery and other projects, for us as a company we are going to record a major change, we are looking at moving from $4 billion revenue to $30 billion revenue. That will strengthen us to invest more money in our domestic economy.

“We don’t want Nigeria to be an import base economy but rather export base economy. We have tried that in cement and it has really work in the sense that we are looking at exporting almost $400million to $500 million worth of cement in the next one to two years.

Aliko explained that due to inability of local construction companies to handle some of the aspects of the ongoing project, they were left with no other option than to procure some of the equipment, “we have to buy some of the equipment we use for construction as they were not readily available within the country. After this refinery project, with the kind of modern and sophisticated equipment at our disposal we may move into the construction industry.

Speaking on the capacity of the refinery, Aliko said that it will be the single largest train petroleum refinery in the world with 650,000 barrels per day with 838 KTPA polypropylene plant, “largest sub-sea pipeline infrastructure in any country in the world with 1,1pp km to handle 3 billion SCF of gas per day.

“Our refinery can meet 100 per cent of the Nigerian requirement of all liquid products such as gasoline, diesel, kerosene and aviation jet. It will also have a surplus of each of these products for export.

He disclosed that after completion of all the projects it will have capacity to generate over 280, 000 direct and indirect jobs.

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1 Comment

1 Comment

  1. Kelvin Agbogidi

    December 16, 2019 at 6:19 am

    That will be great

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Business

Peace Mass Transit Launches 50 Brand New Buses [PHOTOS]

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Peace Mass Transit (PMT) Limited, the leading mini-bus transport company in the country, has readied a total of 50 brand new buses for injection into its fleet.

The buses are all products of newly established PMT Vehicle Assembly Plant, located within the Emene Industrial Layout headquarters of the company.

PMT Executive Director in charge of operations, Enete Ifeanyi Henry Clinton disclosed that the new buses would be assigned to drivers and has already being deployed to all the PMT depots across the country.

Peace Mass Transit has an active fleet of 4,000 buses with at least 2,000 on the road daily. It regularly freshens up the fleet to meet customer expectations and also maintain its market leadership.

PMT Founder and Chief Executive Officer, Chief Samuel Maduka Onyishi, maintains he runs the company as a “ministry” and not strictly as a business, and would, always do what it takes to keep the company as an industry leader, at all times.

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“The brand new buses we are injecting cost almost N 17 million per unit, but I have a pact with both God and our huge clientele to offer the best possible services at all, times,” he stated after inspecting the newly assembled buses on Monday.

Customers are encouraged to book online through www.pmt.ng, or visit our website –peacegroup.ng

Chief Onyishi, Member of the Order of the Niger (MON) expressed gratitude to God and also to Nigerians who have trusted the brand (PMT) for over 20years. He urged them to keep their faith in the company and promised to always deliver beyond their expectations.

“Our customers deserve even more and no less,” he added. “We will never take their patronage for granted because they have brought us this far.”

He reiterated that the introduction of the new buses was a “strategic fleet rejig” and in no way signified or suggested older vehicles had any maintenance issues or were about to be discarded.

“Our maintenance culture is top-notch and the team is manned by technicians and engineers some of whom were trained abroad.

All PMT vehicle plying the highway, are regularly checked for maintenance, to avoid breakdown. All our vehicles run on strong quality tires which are replaced upon attainment of a certain mileage.’’

He reiterated that the introduction of the new buses was a “strategic fleet rejig” and in no way signified or suggested older vehicles had any maintenance issues or were about to be discarded the chairman concluded.

Special, distinguishing features of the new buses include, but not limited to EBS/ABS brake system combined, digital dashboard, factory-fitted speed limiter, on-board TV, and DVC player for customers’ non-stop pleasure.

According to the Executive Director, Ifeanyi, ‘’Multiple charging points and luggage controls are being provided, with all the buses fully air-conditioned, which includes protective seat belts for all passengers.

Free Wi-Fi services for passengers are still in the works.

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‘I Didn’t Inherit Any Money From My Father, I Built Everything From Scratch’ — Dangote

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Africa’s richest man, Aliko Dangote has revealed that he didn’t inherit any money from his father.

He stated that he built his empire from nothing.

It is widely believed that the Billionaire inherited his wealth from his late father, Mohammed Dangote.

Speaking in a new interview, Dangote however confirmed that his father who died when he was only 8 years old was actually wealthy but he (Dangote) gave out the things that his late father willed to him to charity, and started his own life.

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Aliko Dangote is now valued at $14bn by Forbes and this makes him the 95th richest person in the world.

He has the largest cement company in Africa and his refinery in Ibeju-Lekki when completed is set to be one of the largest in the world.

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Dangote Shuns Innoson Motors, Orders 10,000 Trucks From Indonesia

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Dangote Group has concluded plans to purchase 10,000 light pickup trucks.

But the company appears to have shunned Nigerian carmaker, Innoson Vehicle Manufacturing, IVM, as the trucks are coming in from Indonesia.

Putu Juli Ardika, the Indonesian Director of Maritime Industry, Transportation Equipment and Defense Equipment, said the vehicles would be purchased by Aliko Dangote through his company, Dangote Group.

Ardika explained that the trucks would be imported into Nigeria to serve as means of transportation to rural communities.

He said the vehicles would be used by farmers and others in Nigeria’s agricultural value chain, to transport water, cassava, and seed processors.

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“Dangote’s team will check three units as a sample to be brought to Africa at the end of January.

“The trucks are set to be exported over five years, with 1,000 units to be exported this year and next year,” Putu said.

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