The President of the African Development Bank, Dr. Akinwumi A. Adesina, has described the Dangote Oil Refinery and Petrochemical Plant projects in the Federal Republic of Nigeria as a ‘game-changing initiative’ that will spur Africa’s development and deepen regional integration.
Dr. Adesina said this last Saturday, January 22, 2022, after touring the US$19.5 billion Nigerian Greenfield crude oil refinery and petrochemical production plant owned by Dangote Industries Limited.
In 2014, the African Development Bank’s board approved a US$300 million loan to Dangote Industries Limited to support the construction and operation of the Greenfield crude oil refinery and the Greenfield fertilizer manufacturing plant. The two facilities are expected to create 38,000 jobs during construction.
“The Dangote Group is an Africa growth accelerator…I am completely blown away by the magnitude of what I see here. This is a world-class industrial complex that will make Nigeria and Africa proud. We at the African Development Bank are proud of this project. Every African country needs to have an Aliko Dangote to help the continent industrialize.
“Dangote’s success demonstrates that governments should prioritize industrialization. We must continue to support the private sector, considering the value they bring,” Dr Adesina indicated.
Dr. Adesina said the African private sector was crucial to the execution of the African Continental Free Trade Area.
He pledged that the bank would continue to work with the Dangote Group to do more for Africa.
He said the bank’s industrialization strategy included identifying and backing ‘African regional champions’ like the Dangote Group.
He added that the African Bank was willing to assist the Dangote Group in such areas as agriculture–including rice and dairy products–as well as cement expansion into other countries.
It is estimated that by 2023, Nigeria would import zero petroleum oil products–down from approximately US$50 billion current oil product imports per year.
On his part, Aliko Dangote, Group President and Chief Executive, said the refinery is the world’s largest single-train petroleum refinery with a capacity to process 650,000 barrels of crude oil per day.
“We appreciate the support of the Nigerian government, our lenders and development finance institutions like the African Development Bank, without whom we would not have come this far. We have enjoyed a good working relationship with the bank and this visit further encourages us,” Dangote said.
Dr Adesina and Dangote discussed the potential of collaboration between AfDB and Dangote Industries Limited to expand the business to other African countries.
The successful completion of the refinery project is expected to have a significant impact on Nigeria’s foreign exchange through import substitution and substantial savings in earnings.
The refinery is expected to be commissioned by the end of the year.
Accompanying Dr Adesina on the visit were African Development Bank’s Vice President for Private Sector, Infrastructure and Industrialization, Solomon Adegbie-Quaynor the Bank’s Director-General for its Nigeria country office, Lamin Barrow, and the Special Adviser to the President on industrialization, Professor Banji Oyelaran-Oyeyinka.
Nigerian businessman and philanthropist, Femi Otedola (link is external) also attended the meeting.
Source: https://energynewsafrica.com