Britain Extols Potential of Dangote’s $17bn Investment in Petrochemical Industry

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Crusoe Osagie

The British High Commissioner in Nigeria, Paul Arkwright, at the weekend in Lagos said that Dangote Industries Limited’s multi-billion dollar petrochemical project has rekindled his country’s optimism that the Nigerian economy offers enormous opportunities to foreign investors.

Arkwright, who was on a fact finding tour of ongoing construction projects at the Lekki Free Trade Zone, (LFTZ) site of Dangote Petrochemical Complex said that when concluded, the complex will be of immense benefits to both Nigeria and Britain. He led a delegation, which include British Trade Envoy to Nigeria, John Howell and acting Deputy High Commissioner, Ahmed Bashir.

Projects at the complex include: the refinery, petrochemical plant, pipeline gas producing plant and fertilizer plant.

The diplomat who was obviously awed by the size and complexity of the project described it as an extremely important and enormous investment that has the capacity to transform the Nigerian economy.

He also assured of the commitment of the British Government to increasing trade and doing better business with Nigeria.

Earlier in presentation, Group Executive Director, Special Projects, Dangote Group, DVG Edwin stated that the complex when completed will create market for $11 billion of Nigerian crude per annum and will save the nation over $7.5 billion per annum in terms of import substitution.
He explained that the solid waste generated while construction is going on will be segregated and deposed off to cement kilns as feed leading to a cleaner and green environment.

Dangote Petrochemical Complex, according to him, is showcasing to global investors that Nigerian economy despite the all challenges is still an investment destination and very safe for investments.

Vice President Yemi Osinbajo and Lagos State governor, Mr. Akinwunmi Ambode, on a recent visit to the petrochemical complex site expressed similar optimism that the project has the capacity of transforming Nigeria’s ailing economy. Osinbajo said government is harnessing the potentials of the private sector to accelerate the growth of the economy.