LCCI STATEMENT ON THE INAUGURATION OF DANGOTE REFINERY

– By Godswill Odiong

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With a few days to the inauguration of Dangote Refinery, the Lagos Chamber of Commerce and Industry wishes to commend the efforts of its visioner, Alhaji Aliko Dangote,and the supportive Federal Government. Expected to be Africa’s biggest oil refinery and the world’s single-trained facility, the Dangote Refinery has a capacity of 650,000 barrels per day, sufficient to meet Nigeria’s need for refined petroleum products.

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.

DR CHINYERE ALMONA, FCA

DIRECTOR GENERAL

LAGOS CHAMBER OF COMMERCE & INDUSTRY

10 MAY 2023

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