Dangote Refinery Presents Growth Opportunities for Nigerian Economy – LCCI

With just a few days to the inauguration of Dangote Refinery, the Lagos Chamber of Commerce and Industry (LCCI) has lauded the efforts of its visioner, Aliko Dangote, and the Federal Government of Nigeria (FGN)’s support in berthing the project.

In a statement the Director General of the Chamber, Dr. Chinyere Almona, noted that the 650,000 b/d capacity refinery, expected to be Africa’s biggest oil refinery and the world’s single-trained facility, will meet Nigeria’s need for refined petroleum products and bring about a huge positive impact on the Nigerian economy

The statement read in part, “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.

“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. Therefore, the LCCI urges the government to strengthen its commitment to creating an enabling environment for businesses.”

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