Connect with us
nairametrics
UBA ads

Business News

Dangote refinery to generate $11 billion per annum

Published

on

Aliko Dangote, the President of Dangote Group, has disclosed that Dangote Petroleum Refinery will create $11 billion per annum market for Nigerian crude.

The Africa’s richest man said the Nigerian crude was specifically designed for 100 per cent Nigerian crude. According to Dangote, upon completion, the Dangote Refinery will meet 100 per cent daily Nigerian consumption of all refined products and would also have the surplus for export.

UBA ADS

Dangote made known that the Refinery and petrochemical projects include: world second largest Urea plant with capacity to produce three million tons per annum; the largest sub-sea pipeline infrastructure in any country in the world, 1100 km, to handle three billion scuf of gas per day; world scale gas treatment stations; world-class petrochemical complex; 480MW power plant and 500 KPTA polyethylene plant.

Would the project create jobs?

The largest single train refinery in the world, upon completion, according to Dangote, will create no fewer than 100,000 indirect jobs, 26,716 filling stations and 129 depots in Nigeria. Though, while the project construction is ongoing, 1,500 direct labour, 100,000 contractors on site and 10,000 service providers are employed.

On completion, the project which is expected to commence operations in April 2020, will also create ease of product availability and 26,000 trucks for transport, which will also create more jobs.

GTBank 728 x 90

“The projects will make Nigeria become the largest exporter of petrochemicals and biggest exporters of refined petroleum products in Africa. Our gas pipeline project will transport 3billion standard cubic feet (scuf) per day of gas. I hope and pray that other Nigerians will join us in developing the country.” Dangote was quoted.

Nairametrics had reported that the Central Bank of Nigeria (CBN), was set to provide a financial facility for the ongoing Dangote Refinery project, to the tune of N75 billion.

Governor of the CBN, Godwin Emefiele, disclosed this in Abuja while answering questions from journalists during the just concluded Monetary Policy Committee (MPC) meeting.

While the nature of the financial facility is not exactly clear at the moment, Emefiele did mention that Dangote has already invested about 50 per cent of the $9 billion dollars needed to complete the project. The remaining 50% is expected to be sourced as loans from both local and foreign lenders.

onebank728 x 90

Patricia

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Energy

FG approves new board for NLNG, BGT

The change was necessary because the current board members had been in office since 2005.

Published

on

Federal Government has approved the newly reconstituted boards of Nigeria Liquified Natural Gas(NLNG) and Bonny Gas Transport Limited (BGT).

This was disclosed in a statement issued by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Monday.

UBA ADS

According to him, the new board, which was approved by President Muhammadu Buhari, was necessary because the current board members had been in office since 2005.

He disclosed that the new board members for the NLNG include Dr Edmund Daukoru as Chaiman, Mr Henry lkem-Obih as a Member and Dr Rabiu Sulaiman as a Member.

Other Members include the Group Managing Director of the Nigerian National Corporation (NNPC), Malam Mele Kyari and the Permanent Secretary, Ministry of Petroleum Resources, Mr Bitrus Nabasu.

GTBank 728 x 90

He also said that Daukoru was also approved as the President of the Board of BGT while Doyin Akinyanju and Abdul Abba are members.

The minister noted that Kyari and Nabasu were also members of the board.

“I will like to use this opportunity to thank the chairman and other outgoing board members of NLNG for steering the companies to record successes, particularly the Train 7 FID.

onebank728 x 90

“l wish the exiting members good health and more successes in their future endeavors.

“To the incoming members of the board, I congratulate you on this appointment; your selection is based on your experience, integrity and expertise.

“I, therefore,urge you to bring all these to bear in the discharge of your responsibilities in line with the progressive agenda of Mr President,” he said.

app
GTBank 728 x 90

The News Agency of Nigeria(NAN) reports that some of the new board members had worked in the industry in the past.

Daukoru was a former Minister of State for Energy and also Secretary General of the Organisation of the Petroleum Exporting Countries in 2006.

He became the Amayanabo, or traditional ruler, of Nembe Kingdom in 2008.

devland

Also, Ikem-Obih was a former Chief Operating Officer, Downstream of the NNPC and Rabiu a former Group Executive Director at the corporation.

app
Patricia
Continue Reading

Hospitality & Travel

Passengers can now arrive 90 minutes before departure for domestic flights – FG

Published

on

international passengers, Coronavirus: FG enforces immediate screening of travellers at airports with new directive

The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.

This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.

UBA ADS

The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.

In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’

GTBank 728 x 90

 

It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.

onebank728 x 90
Patricia
Continue Reading

Economy & Politics

Seyi Makinde Proposes N3 billion investment plan for water supply

The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG. 

Published

on

Seyi Makinde Proposes N3 Billion plan for water supply

The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.

Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.

UBA ADS

All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.

The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.

Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.

GTBank 728 x 90

Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.

 

onebank728 x 90
Patricia
Continue Reading
Advertisement
Wealth.ng
Advertisement
Advertisement
Patricia
Advertisement
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
devland
Advertisement
devland
Advertisement
Advertisement
financial calculator
Advertisement
devland
Advertisement
app
Advertisement