Dangote Refinery to Attract Investors, Generate Foreign Exchange – LCCI

The Lagos Chamber of Commerce and Industry (LCCI) says the collaboration between the Federal Government and Dangote Refinery presents Nigeria as an attractive investment destination for local and foreign investors.

In a statement on the upcoming inauguration of the 650,000 barrels per day refinery, Director General, LCCI, Dr. Chinyere Almona, yesterday, said that the refinery will save and generate foreign exchange, create jobs, positively affect the value of the Naira, broaden prosperity for the downstream sector, and provide growth opportunities for businesses.

Her words: “LCCI views the refinery’s impact on the Nigerian economy as significant. It will save and generate foreign exchange.

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“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.

“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.

“Finally, the chamber notes that this initiative presents Nigeria as an attractive investment destination for local and foreign investors.’’