…Osinbajo hails ‘incredible’ project
Vice President Yemi Osinbajo has described the Dangote Refinery and Petrochemicals as an incredible industrial undertaking.
He spoke during a tour of facilities at the site at Ibeju-Lekki in Lagos.
Osinbajo, who described the projects as ambitious, noted that the gas pipeline on completion will do about three billion standard cubic feet per day.
According to the Vice President, the subsea gas pipeline was a strategic and very important aspect of the project and will run from Bonny through OgedegbeOlokola in Ogun State to Lekki.
He said: “Dangote Refinery is the largest undertaking in Nigeria, which is meant to refine 650,000 barrels of oil per day. By all projections, it is the largest in the world.
“The refinery will start producing in the first quarter of 2019. I think the subsea pipeline is expected to take off in 2018. It is a very important aspect of the project.
“It will boost our power supply tremendously. Certainly, for me, that is one of the most important projects that could be done in this country. It will be a major boost for industries.”
Asked how the government intends to secure the pipelines from vandals, Osinbajo, who was accompanied on the visit by the Ministers Of Power, Works and Housing,Babatunde Fashola; Solid Minerals, Dr. Kayode Fayemi; Finance, Mrs. Kemi Adeosun and Industry, Investment and Trade, Okechukwu Enelamah, assured that they will be fortified because they will be laid deep in the seas.
“It is not the type of pipeline anybody can go to and vandalise because of the way it has been devised,” said Osinbajo.
President DangoteGroups, Alhaji AlikoDangote said an estimated $17 billion was required to complete the Refinery, Fertiliser and Petrochemicals plants in Ibeju-Lekki, Lagos.
In an interactive session with journalists after the visit of Osinbajo, Dangote said the refinery will cost $12 billion, the fertiliser plant two billion dollars and the subsea pipeline will gulp three billion dollars.
Dangote, who stated that $100 million was paid the state government for the site measuring over 3000 hectares of land, added that they have spent $420million to sandfill the swampy areas.
He denied allegations of hostilities with the host communities, insisting that well thought out Corporate Social Responsibility (CSR) projects have been factored into the refinery.
Setting the records straight, Dangote denied receiving Foreign Exchange (FOREX) from the Central Bank of Nigeria (CBN), explaining the conglomerate only got $173 million from the apex bank, which was interest- on loan taken by Dangote Industries, a holding company for the financing of the refinery.
“We are putting in 65
He also disclosed upon completion, the gas plant will generate 12,000 Mega Watts of electricity, more than what the nation requires, adding that the excess will be exported to neighbouring countries.
On the benefits of the projects, he said it would increase Forex earnings, reduce importation, create jobs and also reduce the price of petrol, among others.
Lagos State governor Akinwunmi Ambodenoted that the Dangote Group’s decision to embark on four significant projects will have great multiplier effects on growth and economy of Nigeria.
Ambode said: “What this tells us is that Lagos is on an expansive growth both on the east and west sides of Lagos.
“There is nothing we can do as a government than to commend Alhaji AlikoDangote and thoroughly support him.”