FG: With Dangote Refinery, Lekki Deep-sea Port, Modular Refineries, Nigeria is on Path to Irreversible Industrial Revolution

Eromosele Abiodun

The Minister of Information and Culture, Alhaji Lai Mohammed has stated that the enabling environment provided by administration of President Muhanmadu Buhari, which birthed the Dangote Refinery and Petrochemical plant, $2.5 billion Dangote Fertilizer Plant, Lekki Deep Sea Port and three more modular refineries to be commissioned before May 2023 in Edo and Bayelsa states amongst others, has put Nigeria on the path of industrial revolution.

He stated this during a tour of the Dangote Refinery and Petrochemical plant and Dangote Fertilizer plant located in Ibeju Lakki, Lagos with some select journalists.

Mohammed, who described the refinery as undoubtedly one of the busiest construction sites in the world, said the President of Dangote Group, Alhaji Aliko Dangote is leading Nigeria’s industrial revolution. 

According to him, “The coming into being of such massive industrial complexes as the Dangote Fertilizer Company and the Refinery were made possible by the enabling environment provided by the administration of President Muhammadu Buhari. Today, new businesses are springing up in all sectors, thanks to a conducive business environment. Under this Administration, the Presidential Enabling Business Environment Council (PEBEC) has implemented over 150 reforms, moving Nigeria up 39 places on the World Bank Doing Business index since 2016.

“Mr. President also signed the Companies and Allied Matters Act, 2020 (CAMA 2020) – Nigeria’s most significant business legislation in three decades. The result of this favourable business environment is the birth of new businesses such as the $2.5 billion Dangote Fertilizer Plant that will produce 3 million metric tonnes of Urea every year; the 650,000 barrels per day oil refinery due to open later this year; Lekki Deep Sea Port, one of the most modern sea ports in West Africa; BUA’s 3 million metric tonnes cement plant; and the 5,000 barrels per day Modular Refinery in Ibigwe, Imo State, and three more modular refineries to be commissioned before May 2023 in Edo and Bayelsa states just to mention a few.”

He added that before the Buhari administration came into office in 2015, Nigeria had a fertilizer shortfall of about 3.5 million tonnes per annum (over 6 million tonnes per annum are required in the country

“Thanks to the Presidential Fertilizer Initiative launched by President Muhammadu Buhari, indigenous companies like Indorama and Notore – with a combined capacity of over 2.5million tonnes per annum. Yet there was still a fertilizer shortfall. With the coming on stream of the Dangote Fertilizer Plant, Nigeria is now self-sufficient in the production of urea. In fact, Nigeria is now the leading producer of Urea in Africa, “he said.

The Dangote Fertilizer plant, he revealed, is already exporting to the US, India, Brazil, Mexico and Argentina. 

He added that the Petroleum Refinery & Petrochemical Plant and the Fertiliser plant will ensure Nigeria’s food and energy security is secured.

“Gentlemen, based on what we have heard here today with regards to the 650,000 barrels per day Dangote Refinery, officially know as The Petroleum Refinery and Petrochemical Plant, the refinery would be a game changer once it comes on stream in terms of employment generation, huge value addition that will contribute to the increase in GDP, conservation of foreign exchange as there will be no more importation of petroleum products, generation of foreign exchange through export of finished product, availability of petroleum products thus ending petrol queues and attract foreign capital investments. The total investments in the fertiliser plant is $2.5 billion while that of the refinery is above $19 billion, “he said.

Speaking, the Executice Director, Strategy Capital Projects and Portfolio Development, Dangote Group, Mr Devakumar Edwin said the philosophy of the investments in the Fertiliser Plant, Petroleum Refinery and the Petrochemicals Plant is to overcome a problem which is several decades old- from the time when colonialists came to Africa to exploit and take out the raw materials and sell the finished products back to the continent.