{"id":50993,"date":"2021-08-02T22:59:36","date_gmt":"2021-08-02T21:59:36","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=50993"},"modified":"2021-08-02T22:59:36","modified_gmt":"2021-08-02T21:59:36","slug":"dangote-refinery-a-business-inspiration-to-private-sector-operators-tinubu","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/dangote-refinery-a-business-inspiration-to-private-sector-operators-tinubu\/","title":{"rendered":"Dangote Refinery, A Business Inspiration To Private Sector Operators -Tinubu"},"content":{"rendered":"
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As efforts are being intensified for the imminent completion of the multi-billion dollars 650,000bpd Dangote Refinery in Lagos, the project has been described as an inspiration to private sector operators in the country.<\/p>\n

Excited at the share humongous size of the refinery, Mr. Wale Tinubu, Chief Executive Officer of Oando Plc, leading oil and gas downstream sector operators who was on a guided tour of the project alongside members of the company\u2019s senior management said \u201cwith what I have seen, this Dangote Refinery is for Nigeria and Africa.\u201d<\/p>\n

He stated that the President of Dangote Group, Aliko Dangote deserved all the commendations in the world for the courage to build the world\u2019s largest single train refinery in one of the most challenging business environment in the world even as the risk premium being at the highest.<\/p>\n

Mr. Tinubu noted that he harboured no doubt within him that the\u00a0refinery, upon completion, will meet the yearnings of Nigerian for product availability and ultimately de-risk the petroleum sector.<\/p>\n

The Oando Plc CEO, said he felt a sense of pride for being able to witness this feat in the history of Nigeria, noting \u201cIt is more than just a refinery, it is a revolution, it is about what is possible in Africa by an African, we are talking about a world class project being done a scale that the world is not used to.<\/p>\n

\u201cThis is happening in an extremely challenging environment in which all of the infrastructure had to be built from the scratch with the attendant huge additional cost, the cost of capital being high, and the risk premium being highest and done with such spectacular precision. I think the world is not going to see many of these sort of projects. I call it the eighth wonder of my own time.<\/p>\n

\u201cIt is inspirational and Alhaji Dangote deserves all the accolades.\u00a0This project is of strategic importance to the nation and the continent. Nigeria has no functional refinery, and it has 200million people that consume 40million litres a day.<\/p>\n

\u201cThere is nowhere in the world where you have a raw material for something and you do not beneficiate the product to a point where you can consume it in your country.\u00a0 We have been a complete and utter failure when it comes to that and it is taking a private individual to reverse that trend.<\/p>\n

\u201cIt is an epoch for the country. I think what we should do is to encourage him to complete it. Success for him is a success for the country.\u201d<\/p>

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In his remark, Aliko Dangote stated that the refinery is not only a project for Dangote, but also a project for Nigeria.<\/p>\n

He said: \u201cNigeria should be a leader in building facilities like these, as a business initiative. This project will definitely put Nigeria on the map, and surely change the fortunes of Africa.\u201d<\/p>\n

He further disclosed that Dangote apart from building world class projects is also dedicated to building capacity by resuscitating failing industries such as it did in the cement industry, adding that this has set the precedence in Nigeria.<\/p>\n

The Dangote Refinery upon completion, will refine 650,000 barrels of crude per day, making it the single largest train in the world. This in turn will enable the nation to generate and save foreign exchange, which has been blamed for the country\u2019s current economic woes. The project will also provide 90 megawatts of electricity through its multi-million-dollar sub-sea pipeline project.<\/p>\n

It will be recalled that Dangote Oil refinery recently emerged as most impactful local content company of the year for its strict adherence to the local content policy of the federal government.<\/p>\n

The award was presented to the company virtually at the 2021 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) with the theme: \u201cLeveraging Opportunities & Synergies for Post Pandemic Recovery of The Nigerian Oil & Gas Industry,\u201d held in Yenagoa, Bayelsa State recently.<\/p>\n

The NOGOF award is a confirmation of the efforts of Dangote Oil Refinery in local capacity development in the oil and gas industry.<\/p>\n

According to the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, the 2021 NOGOF award is Local Content driven looking at how projects to date by related organizations, using the criteria per each award category to gauge contributions to the success of Local Content\u00a0Development within the oil and gas sector being monitored by NCDMB as mandated by the Local Content Act of Nigeria, 2010.<\/p>\n

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