DANGOTE ADVICE FEDERAL GOVERNMENT TO INVEST ON ALTERNATIVES IDEAS FOR CRUDE OIL
The richest man in Africa Alh. Aliko DANGOTE have advised the federal government to invests in more ideas that focus on alternatives for crude oil despite building a multi billion dollar refinery.
Dangote who stressed the need for Nigeria to be more focused on finding a substitution for oil, which he said was losing its attractiveness, despite building a 650,000 barrels per day refinery. He added that import substitution was the only way to develop the country’s economy and address youth unemployment.
“We need to find a substitution for oil and I think, the petrochemical we have, in terms of boosting our foreign reserves, in terms of reducing our outflow of foreign exchange. “Both the petrochemical and the fertiliser, if you look at that one alone, it will bring over $2.5 billion in, without the petroleum products, without what we are going to save in terms of the imports, in terms of demurrage,” Dangote said.
According to him, when the refinery becomes operational, all the ships transporting petroleum products to Nigeria will be out of business. He said the group would help to monetise Nigeria’s gas that is currently being flared by taking 110 million standard cubic feet of gas worth over $1.2 billion, to power the petrochemical plant.
In this interview, its evident that the central bank terms and conditions are flexible to those who are already made to access, whereby ntrrpreneura and upcoming business owners are starved of this privileges, we hope DANGOTE will be straight forward enough to continually stress this to his mighty investor in the CBN.
