Encomiums, Gratitude as Buhari Inaugurates Dangote’s Legacy Refinery Plant in Lagos

Encomiums, Gratitude as Buhari Inaugurates Dangote’s Legacy Refinery Plant in Lagos

It was a gathering dominated by encomiums and gratitude. Encomiums for Africa’s richest man, Alhaji Aliko Dangote on the successful completion of his legacy 650,000 barrels per day refinery, the largest in Africa. And gratitude from the Entrepreneur to all his destiny helpers who turned his dream into reality. The event was witnessed by President

It was a gathering dominated by encomiums and gratitude. Encomiums for Africa’s richest man, Alhaji Aliko Dangote on the successful completion of his legacy 650,000 barrels per day refinery, the largest in Africa. And gratitude from the Entrepreneur to all his destiny helpers who turned his dream into reality.

The event was witnessed by President Buhari and four other Heads of states including Presidents of Togo, Gnassingbé Eyadéma; Ghana’s Nana Akufo-Addo; President of Senegal, Macky Sall; President of Niger Republic Mohamed Bazoum; President of Chad, Mahamat Déby was represented.

President Muhammadu Buhari who inaugurated the project said on the occasion, ‘this mega industry we are commissioning today is a clear example of what can be achieved when entrepreneurs are encouraged and supported and when an enabling environment is created for investments and for businesses to thrive.

‘I am confident that my successor, His Excellency Asiwaju Bola Ahmed Tinubu, will sustain the improvement in our economic and business environment and strengthen the framework of our public private partnership policies to accelerate the pace of our economic growth and development”

Dangote’s response: “Thank you Mr. President, for your sustained support and encouragement have been a source of great motivation and strength. When I felt like giving up, your confidence and quiet words of assurance have made the difference. I want to thank you from the bottom of my heart

“I thank President Buhari for the Federal government support. I thank President-Elect Asiwaju Bola Ahmed Tinubu for creating Lekki Free Trade Zone. I thank Governor Fashola, Ambode and Sanwo-Olu and all the previous Lagos state governors.”

He expressed gratitude to the CBN Governor, God win Emefiele, the Afrexim Bank Chief Executive Prof Oramah and singled out two banks in Nigeria, notably Access Bank and Zenith Bank for being exceptionally supportive while admitting that other banks also assisted.

For the group Chief Executive of the NNPC Limited, Mele Kyari, “the Dangote Refinery with the new deal that we have been building, supported by the enabling Petroleum Industry Act, will surely provide domestic security of supply in our country. The lingering challenges of petroleum subsidies is clearly getting out of the capacity of the state to bear and the differentials that domestic refining will provide is insignificant and cannot compensate for the subsidies.”

Dangote Refinery and petrochemical company is set to reshape Nigeria’s economy and position the country as a global energy player as it will help address the fuel shortage challenges in the country.

Alhaji Aliko Dangote, said that the company will release the first batch of refined products from the 650,000 bpd capacity Dangote Refinery and Petrochemicals plant into the market in July and August this year. Also, the plant will meet all of Nigeria’s refined products needs as well as meet demand in the African market.

President Buhari who was pleased to be ending his eight-year tenure on a happy note said ‘‘I am happy to leave our economy in very competent hands.

He advised other business men and women to toe the Dangote’s line, ‘‘I urge and encourage our other great entrepreneurs to emulate this iconic Nigerian industrialist and join the Government in accelerating our growth in order to realize our country’s globally recognized economic potential.

In August 2021, the Federal Executive Council approved the Federal Ministry of Petroleum Resources’ request for the NNPC Limited to buy a 20% stake valued at $2.76 billion in Dangote Petroleum and and Petrochemicals Refinery.

Buhari said ‘‘when I travel around Africa and meet and engage my brother Heads of State (and I am delighted some of their Excellences are here) I often sense a quiet expectation that our country is blessed with resources and human capacity to lead Africa’s rise to economic prosperity and the attainment of Agenda 2063 – ‘The Africa we all want”.

Senator Kashim Shettima, the Vice President-elect who represented Asiwaju Bola Tinubu commended President Buhari under whose tenure the refinery project started and was completed. He used a Kanuri proverb to shower his praises saying “You can say honey in a container may be incomplete but you cannot say honey is bitter. Love him or hate him, this project was commenced under President Buhari in 2017 when President Buhari was at the helms and it got completed under his stewardship”

Governor Babajide Sanwo-Olu who was full for commendation for Alhaji Dangote said he came to Lagos empty handed 45 years ago but has built the biggest investment in the city. The Dangote refinery is worth $18 billion. It will generate over 100,000 jobs.

Today, our history is being rewritten, and Nigeria’s trajectory for greater growth and prosperity is enhanced as we inaugurate Africa’s largest refinery, the Dangote Refinery, alongside its Petrochemical plant”

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele said the CBN partnered, with the Dangote Group in ensuring the successful completion of the Dangote Refinery project by providing about N125 billion, to cover domestic currency requirements for the venture.

CBN Governor stated that the Bank’s intervention in the Dangote Refinery project is part of the CBN’s support to President Muhammadu Buhari’s drive to diversify the economy

CBN Gov, Emefiele said that the Dangote Group has started repaying some of the commercial loans before the commissioning of the plant; Says the Group’s outstanding debt has dropped from over US$9 billion to US$2.7 billion.

Emefiele submitted that the Dangote Refinery and Petrochemicals could spare Nigeria about N5 to N7 trillion annually in the fiscal expenditure of the federal government over the next five years.

The Dangote Petroleum Refinery Plant was started in 2017 at the Export Free Trade Zone in Ibeju-Lekki on a sparse of land covering 2,635 hectares. It is reputed to be largest single-train 650,000 barrels/day capacity. At full capacity, it can meet 100 percent of Nigeria’s refined petroleum product.

The event was witnessed by several dignitaries including the Senate President, Ahmed Lawan, Deputy Speaker, Idris Wase, Governors, Bankers and several key players in the oil and gas industry in Nigeria and from abroad.


What Happens to Nigeria’s Four Refineries?

Despite the joyous mood at the inauguration, a lot of Nigerians still asked what happens to Nigeria’s non-functioning refineries. Getting the refineries back to work was one of the promises of the Buhari administration while campaigning for that position in 2015. Coincidentally, some of the refineries were built while President Buhari was the Petroleum Minister.

While it was easy for the financial institutions led by the Central Bank of Nigeria to rally resources behind Dangote refinery, it has been difficult to garner support to rev any of the moribund refineries back to work. The Obasaanjo regime took a bold decision at its twilight and sold the refineries but soon after the successive Yar’Ardua government reversed the sales. It is an irony of fate that Alhaji Dangote was one of the buyers of the refineries before it was reversed.

Ayo Aluko-Olokun
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