With a few days to the inauguration of the Dangote refinery, the Lagos Chamber of Commerce and Industry (LCCI) has said its impact on the Nigerian economy will be significant.
According to a statement on Wednesday, the chamber said it would save and generate foreign exchange, create jobs, positively affect the value of the naira, broaden prosperity for the downstream sector, and provide growth opportunities for businesses.
“It will also 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,” it said.
The refinery located in the Ibeju Lekki axis of Lagos state is one of the largest in the world. It is expected to be launched by President Buhari Muhammadu on May 22, 2023.
We wish to commend the efforts of its visionary, Aliko Dangote, and the supportive Federal Government, Chinyere Almona, director general of LCCI, said.
“Expected to be Africa’s biggest oil refinery and the world’s single-trained facility, the refinery has a capacity of 650,000 barrels per day, sufficient to meet Nigeria’s need for refined petroleum products,” she said.
According to Almona, the chamber also sees room for the development of added value in agribusiness, including the Sugar backward integration projects that plan to create a strong localized supply in the sugar industry, benefiting local suppliers across the sugar value chain.
“Finally, LCCI notes that this initiative presents Nigeria as an attractive investment destination for local and foreign investors.
“Therefore, the LCCI urges the government to strengthen its commitment to creating an enabling environment for businesses,” she added.