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The member representing Darazo/Ganjuwa federal constituency of Bauchi State, Mansur Manu Soro, on friday stated that the refinery being built by the Dangote Group and as well as the $1.2 billion planned turnaround maintenance of existing ones will put the Nigerian economy back on its feet.
The rep member made this disclosure yesterday after his tour of the Dangote Refinery and other government-owned refineries in laogos, Port Harcourt, Warri, and Kaduna respectively.
According to him, oil refineries in the country requires a total overhaul to return to full production capacities and generate revenues for the government.
He said Nigeria had wasted nearly N10 trillion ($26.2 billion) of its scarce forex in just 10 years, subsidizing petrol while it cost Dangote Group $15billion to build a 650,000- barrel per day refinery as part of a petrochemical complex that also houses a gas processor and the world’s biggest plant for ammonia and urea.
‘The Dangote Refinery is expected to come on stream later this year to meet Nigeria’s demand for petroleum products, export the excess and conserve our scarce resource, among other multiplier effects,’ he said.
The dangote refinery is expected to make Nigeria self sufficient in oil products and also an exporter in the nearest foreseeable future.
AFRICA DAILY NEWS, NEW YORK