Business Hilights
Tracking Nigeria's Headline Business News Online

Emulate Dangote’s investment drive—visiting former Ethiopian P’Minister

More African leaders have continued to hail the investment spirit of the president of Dangote Group, Alhaji Aliko Dangote.
Latest in the row was the former Ethiopia Prime Minister, Hailemariam Desalegn, who was on a working visit to the emerging 650,000bpd capacity Dangote Refinery and Fertilizer Plant in lekki recently.
According to him, Dangote has made an exceptional and enormous the investment in Africa’s oil refining sector and his exploits are good for emulation by other private sector investors in the continent.
Giving insights during the tour of Dangote Jetty, Fertiliser and Refinery Plant, Desalegn said the President of Dangote Group, Aliko Dangote has enormous influence in the sector and that his involvement in the general economic wellbeing of the whole of Africa is unquantifiable.
While encouraging other investors to consider the strategic nature of investments made by the conglomerate and emulate them, he said “I think this is a lesson for other African investors to take risk and bring about big change. A mega project of this magnitude, actually needs dedication and commitment, as well as sacrifice.”
According to him, Africa needs massive investment like the Dangote Refinery for economic development and time has come for investors in the continent to recognize that investment in essential sector would remain critical to sustainable economic growth. “I think this project is not only for Nigeria, but for the entire African countries”, he added.
Earlier in his remarks, Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Industries Limited, Devakumar Edwin, revealed that “The project would provide 135,000 retail outlets, 26,716 filling stations and 129 depots in Nigeria, while the 2,600 trucks for transport will create additional jobs”.
“Another invaluable area of interest the project will enhance is in the area of skill development and capacity building for Nigerian. Already, Mr. Edwin said training of second batch of Nigerian Engineers has started in Delhi India.
Continuing, he said, “We are sending all engineers abroad in batches. They will engage in classroom training for one month and on the job training of one year. They will be working with real time experts in the industry every day.”
Edwin disclosed that the company’s target is for a significant portion of Nigeria’s crude oil production to be refined domestically, rather than imported, thereby creating jobs within Nigeria, and bringing a halt to the current importation of refined petroleum product.
Edwin said the refinery is going to provide over 100,000 indirect employment through retail outlets. He said the refinery is designed to meet Euro V grade, which is the highest standard in the world, hence products can be exported to any part of the world.
“It will be well diversified and able to process Nigerian crude, African crude and crude from other parts of the world. In terms of evacuation routes, two crude oil single point mooring (SPM) buoys and three multi-product SPMs will be located within the Atlantic Ocean to transfer crude oil to a calling tanker.
He said Dangote Fertilizer Complex, consisting of Ammonia and Urea plants, is conceived to be one of the world’s largest fertilizer plants with a total capacity of 3 Million Tonnes per Annum of Urea fertilizer. Therefore, the Dangote Fertilizer is positioned to bridge the gap between local demand and national capacity. Dangote Fertilizer Plants will produce Urea that will assist farmers boost their crop yields through easy access to fertilizer,” he added.