Business
Dangote refinery may help rebound Nigeria’s – IMF
Refinery has “the potential to catalyze more domestic crude oil production and boost GDP growth
The International Monetary Fund (IMF), is projecting that the Dangote Refinery would help to rebound Nigeria’s economy when it is completed and begins production by 2022.
According to a statement from the Dangote Group, while citing the latest IMF report on the country’s economy, with the operation of the refinery, could help Nigeria improve its current account balance.
It said Dangote Refinery has “the potential to catalyze more domestic crude oil production and boost GDP growth.”
“On the upside, the massive, if commencing production in 2022 as planned, could meet the full demand for domestic consumption of refined petroleum products – which are almost all imported at present.
The 650,000 barrels per day refinery project has thus far cost about US$15 billion which could end Nigeria’s estimated US$7 billion annual fuel import bill, while serving other countries.
The Dangote Group also indicated that construction of the adjoining fertilizer plant is complete, and will soon commence with production – a move that will in turn spped up the agricultural revolution in country and within in the ECOWAS (Economic Community of West African States) region.
