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Dangote excited over Lagos sweet crude oil wells

Leading investor in Africa and Nigeria in particular, Dangote Group has once again lauded speed currently applied by the Lagos State Government in driving the recent discovery and resumption of oil exploration in the state.

Speaking in his office during a visit by the leaders of the League of African Development Students (LEADS), the Group Executive Director of Dangote Industries Limited, Mr. Devakumar Edwin, said it is a good development that Lagos is now a proud oil producing state adding that it will further strengthen oil output from the country and from which Dangote refinery will benefit from.

He added that Dangote Refinery and Petrochemical is ready and willing to partner the state and the federal government in ensuring that the oil production from Lagos adds value to the economy of Lagos and the nation at large.

While pointing out though the crude oil prices may be unattractive at the moment, which has made major IOCs to slow down, he noted that “it did not mean that the oil and gas industry was devoid of development.”

According to him, although it is just in its early phase, the Badagry oil field will be a lot more attractive for investments, when prices begin to rise at the international oil market.

Analysts are upbeat that the coming on stream of Dangote refinery will deepen local supply of petroleum products and raise the bar in farming as the accompanying fertilizer plant will ease the scarcity of the product for farmers.