Africa's richest man and President/Chief Executive of the Dangote Group, Aliko Dangote has assured that with the $9 billion Dangote oil refinery under construction in Lagos, expected to begin production in 2017, the group could rake in up to $10 billion in foreign exchange from exporting cement and petroleum products.
By 2017 also, he assured, “we (Dangote Group) would not go near CBN for forex.”
He added that work is at advance stage on the Lagos-based petroleum products refinery whose capacity has so far been increased thrice even before it opens its doors for business.
The plant initially had capacity to refine 400,000 barrels of crude per day, before it was increased to 500,000bpd; before the latest upgrade to 650,000bpd.
He noted the need for local refining of petroleum products as it helps to conserve the huge forex spent on importation of such products.
According to Dangote, “38 per cent of forex is spent on importing petroleum products,” adding that with its increased capacity, the refinery can satisfy 100 per cent of the nation’s demand and still leave some for export.
“Our export would translate to $10 billion in revenue,” he added, arguing that government may still need to subsidise sale of crude oil to refineries in the country for them to operate profitably.