Aliko Dangote, the founder of Dangote Cement, said his crude oil refinery plant would help Nigeria solve its foreign currency scarcity and increase the country’s international reserves, IgbereTV reports
IgbereTV had previously reported that Nigeria’s forex scarcity has lingered with foreign reserves growing slowly from $38.48 billion at the start of June to $39.1 billion at the end of the month.
The businessman said his $2 billion Petrochemical refinery would export over 8 million tons of petroleum products annually, without affecting its domestic supply.
Dangote, according to a statement seen by Ripples Nigeria on Tuesday, stated this during the 2022 Zenith Bank International Trade Seminar on Non-oil Export held recently in Lagos.
He stressed that the impact of the 650,000 barrels per day refinery would be felt soon, as it nears completion.
The African richest man declared that the petrochemical plant would also boost the nation’s non-oil export earnings, saying the plant was already earning revenue in foreign currency from fertilizer production.
The plant has started exporting fertilizer to India, North America and Latin America, with expectation that exportation will rise to two million tons per annum when operation becomes steady
