Refinery: CBN Assures Dangote Of Support To Get FOREX

The Dangote Group has been assured by the Central Bank of Nigeria (CBN) that they would be allowed to access foreign exchange to facilitate their new project – a $14 billion refinery.

The remark was made by the CBN governor, Godwin Emiefiele, who promised that the apex bank will the support the Dangote group to ease the importation of equipment needed to bring the refinery to reality.

Chairman Dangote group, Alhaji Aliko Dnagote explains a point to CBN governor, Godwin Emiefiele and CBN deputy governor, Dr Sarah Alade

An engineer with Dangote group explains another point to the CBN delegation

Emiefiele made the remark during the tour of senior officials of the CBN at the refinery, on Sunday, January 10, which was led by the Chairman of the Dangote group, Alhaji Aliko Dangote.

According to the News Agency of Nigeria, the facility which is located within the Lekki Free Trade Zone is projected to refine 650,000 barrels of crude oil per day.

Emiefiele said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality.

He said: ”Your ongoing 14 billion dollar refinery investment will enjoy our support, no doubt.

”We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead.

”The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrol-chemicals, fertiliser and fuel will be produced, about three years ago.

”Today, the three projects, which are valued at 14 billion dollars (N2.8 trillion), are on course and this is highly commendable.

”By the time this refinery is completed, it will not only service the needs of our domestic economy but shore up our international oil investments.

”Projects like this and our support will encourage more Nigerians to begin to think like the Dangote Group.”

Meanwhile, fiery preacher and general overseer of The Latter Rain Assembly, Lagos, Pastor Tunde Bakare called for the prosecution of the Emiefiele, because of the role of the apex bank in the widely publicised ongoing arms probe deal.