August 21, 2017

Africa’s richest man has a solution for Nigeria’s chronic petrol shortage

Aliko Dangote, President and Chief Executive of Nigeria's Dangote Group speaks during the final session of the World Economic Forum on Africa meeting in Cape Town June 6, 2008. REUTERS/Mike Hutchings (SOUTH AFRICA)
Aliko Dangote, President and Chief Executive of Nigeria’s Dangote Group REUTERS/Mike Hutchings (SOUTH AFRICA)

Alhaji Aliko Dangote, according to Forbes Magazine Africa’s richest man, punts the latest investments his company Dangote Group is undertaking as a solution to the chronic shortage of petrol which are now legendary  in Nigeria.

According to Dangote, the ongoing $17 billion Gas pipeline, fertiliser, petrochemicals and refineries project at the Lekki Free Trade Zone (LFTZ), Lagos, will “provide unhindered availability of petrol in the country”. He explains that, when completed and fully operational, the Gas pipeline will also generate power for the country.

“There many spin-offs from gas pipeline investment, most importantly increase in revenue to government, increase domestic demand for domestic crude petroleum and foreign exchange from important,” he adds.

Dangote rates the gas pipeline site as the largest industrial site in the world. “This Gas pipeline sight is eight times the size of Victoria Island. It was designed to process a large variety of crudes, including all the African crudes, a range of Middle Eastern crudes and US crudes. The refinery has flexibility to convert kerosene to jet/diesel.”

The project will be complete in 2018, if things go according to plan.

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