Dangote Refinery’s economic impact’ll be significant, says LCCI
With a few days to the inauguration of Dangote Refinery, the Lagos Chamber of Commerce and Industry (LCCI) said the Africa’s biggest oil refinery has a capacity of 650,000 barrels daily and sufficient to meet the nation’s need for refined petroleum products.
The statement signed by the it’s Director-General, Dr Chinyere Almona, said the refinery’s impact on the economy would be significant, save and generate foreign exchange, create jobs and positively affect the value of the Naira.
She also said it would broaden prosperity for the downstream sector, provide growth opportunities for businesses and 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’.
“It will also create a strong localized supply in the sugar industry that will benefit local suppliers across the sugar value chain”.
Dr Almona said the initiative will further present Nigeria as an attractive investment destination for local and foreign investors.
Continuing, she canvassed the need for the government to strengthen its commitment to creating an enabling environment for businesses to thrive.
