Dangote Refinery Presents Nigeria As An Attractive Investment Destination – LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has said that Dangote Refinery, which is scheduled to be inaugurated this month, presents Nigeria as an attractive investment destination for local and foreign investors.

Expected to be Africa’s biggest oil refinery and the world’s single-train facility, the Dangote Refinery has a capacity of 650,000 barrels per day, sufficient to meet Nigeria’s need for refined petroleum products.

LCCI while commending the Chairman of Dangote Group, Aliko Dangote, for the initiative, noted that the refinery would save and generate foreign exchange for Nigeria, create jobs, broaden prosperity for the downstream sector, and provide growth opportunities for businesses.

“With a few days to the inauguration of Dangote Refinery, the Lagos Chamber of Commerce and Industry wishes to commend the efforts of its visioner, Alhaji Aliko Dangote, and the supportive Federal Government. Expected to be Africa’s biggest oil refinery and the world’s single-trained facility, the Dangote Refinery has a capacity of 650,000 barrels per day, sufficient to meet Nigeria’s need for refined petroleum products.

“LCCI views the Refinery’s impact on the Nigerian economy as significant. It will save and generate foreign exchange. The Refinery will create jobs, positively affect the value of the Naira, broaden prosperity for the downstream sector, and provide growth opportunities for businesses. It will also stimulate economic growth by impacting the country’s balance of payments,” a statement signed by LCCI’s Director-General, Dr. Chinyere Almona said on Wednesday.

According to the Chamber, the refinery will also engender growth and development in areas such as cosmetics, plastics, textiles, and agribusiness.

“In addition, the Chamber expects the Refinery to fuel further growth and development across its value chain, including cosmetics, plastics, textiles, etc. We also see room for the development of added value in agribusiness, including the Sugar Backward Integration projects that plan to create a strong localized supply in the sugar industry, benefiting local suppliers across the sugar value chain,” LCCI stated.

The Chamber, therefore, urged the government to strengthen its commitment to creating an enabling environment for businesses.

The 650,000 single-train refinery will be inaugurated on May 22, according to Bashir Ahmad, Special Assistant on Digital Communications to President Muhammadu Buhari,

“Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22nd, 2023, by President Muhammadu Buhari,” Ahmad had tweeted on Sunday.