$18.5B DANGOTE REFINERY RECIEVES FIRST CRUDE OIL SHIPMENT OF ONE MILLION BARRELS:

 

BEGININING OF NIGERIA’S ECONOMIC REVOLUTION..

 

 

This truly cheering news from the stable of the $18.5B Dangote Refinery and Petrochemical plant promoted by Africa's wealthiest man Alhaji Aliko Dangote nearly 6 months after its commissioning by the immediate past administration, with the recent supply of one million barrels of crude oil shipment to the nearly 650,000 world’s largest single train refinery located at Ibeju-Lekki Lagos will no doubt kickstart Nigeria’s long awaited economic revolution that this multi-billion dollar investment in the Nation’s ailing economy.

The Dangote Refinery alone is employing close to 30000 persons already, with installed production capacity to harness and deploy urea fertilizer for the agricultural sector, petrochemicals products from the refinery such as plastics, packaging materials, and rubber fittings, will spring up several small-scale and large industries that will employ thousands of young Nigerians reducing the impact of the Japa syndrome mainly occasion by huge unemployment also the Impact of the refinery that will produce lots of by products of crude oil refining such as Aviation fuel known as Jet AI, Diesel, Petrol, Kerosene coupled with the over 12000 Megawatts of energy already produced on the sea by the Dangote group of companies will enable Nigeria produce lots of Electricity that will address the huge energy crisis that has affected the Nigeria State for the last 50 years.

At my company Bev Services Limited, we are firmly positioned to take advantage of this huge economic opportunity by settling our production base at the Ibeju-Lekki axis of Lagos State where the Lekki Free Trade Zone home to the recently commissioned petroleum storage facility by Pinnacle group, alongside the $650m newly built Lekki-Deep seaport with several other industries and residential estates situated along the Ibeju-Lekki corridor…

The enormous impact of the Dangote refinery and petrochemical company on the FOREX Market in Nigeria is quite huge with less demand for the importation of petroleum products by oil marketers, saving huge FOREX expenditure on the economy, the revenue from Employee taxation by Governments, the huge backward integration for the Nigerian economy where by-products from the refinery such as Low pour fuel Oil(LPFO) will be available for supply to several industrial concerns across the country is quite remarkable.

In the words of several pundits and observers the Dangote Group may gradually become a monopoly in the downstream space of Nigeria’s petroleum sector may be unfounded if the state-owned Oil giant NNPC LTD can sell its majority stakes in Warri, Kaduna, and Port-Harcourt Refineries to competent stakeholders like Oando Plc, Ardova Plc, etc this engenders massive competition in the sector.

The Ibeju-Lekki/Epe axis will witness a massive boom in Real Estate Value as more businesses and residential facilities will spring up on a massive scale thus creating thousands of jobs and economic prosperity in an unprecedented manner.





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