President of Togo Republic, Faure Gnassingbe, yesterday, lauded the investment drive of Aliko Dangote across the Africa, describing him as a man with a mission to aggressively transform Africa’s economy.
This came as President Muhammadu Buhari said, yesterday, that Nigeria was stepping up measures to explore more gas, not only for local consumption but also for exportation.
Speaking during the tour of the Dangote Refinery project in Lagos, Gnassingbe said Dangote was a worthy son of Africa, who had chosen to buoy the economic activities of the continent with his investments.
“Aliko Dangote is our pride in Africa and his aggressive investment drive towards developing the economies of the continent should be lauded,” he said.
While welcoming the Togolese President to Lagos State and Dangote Refinery and Fertilizer projects, Governor Akinwunmi Ambode of Lagos State said the refinery and fertilizer projects would change the face of Lagos State and Nigeria, once it was completed.
According to him, “I understand your interest in the progress of this project, Mr President. This investment is one of the biggest in Africa today and it will have a huge impact not only on the economy of Nigeria but also of West Africa when completed. Apart from creating jobs, this refinery will also contribute immensely to solving the fuel supply challenge in West Africa.”
While seeking collaboration with the Togolese government and investors, Ambode lauded Aliko Dangote and thanked him for his confidence in the Lagos economy.
Thanking the President of Togo for coming to see the progress of the projects, Dangote revealed that the projects would cost a minimum of $17 billion.
Dangote said the $12 billion refinery would have a capacity for 650,000 barrels a day. He assured that there would be market for the refined products, even in Africa, only three countries had effective functioning refineries, with others importing from abroad.
Dangote named the countries with refineries as Egypt, South Africa and Cote d’Ivoire, saying: “Our refinery will be ready in the first quarter of 2019. Mechanical completion will be end of 2018 but we will start producing in 2019.”
When the projects fully take off in 2019, Dangote said it would help the country save $5 billion spent on the importation of petroleum products into the country.
Lagos State governor, Mr Akinwunmi Ambode, has said that the largest single line refinery in the world being developed at the Lekki Free Trade Zone (LFTZ) by Africa’s richest man and business mogul, Alhaji Aliko Dangote, will positively change the face of oil and gas business in the West African region.
This was as he said it would also resolve fuel supply challenge and create jobs.
Governor Ambode, who spoke on Tuesday, at the LFTZ during an extensive inspection tour of the Dangote Refinery by the Togolese President, Mr Faure Gnassingbe, described the project as another confirmation that Lagos was a prime investment destination.
According to him, the refinery eloquently attested to the fact that there was a positive investment climate in Lagos, which had resulted in massive investor confidence.
Other eminent dignitaries who participated in the tour included former governors of Ogun, Ekiti and Cross River states— Segun Osoba, Niyi Adebayo and Donald Duke, respectively; billionaire businessman and chairman, Zenon Petroleum and Gas Limited, Mr Femi Otedola; members of the Lagos State Executive Council, among others.
“This investment (Dangote Refinery) is one of the biggest in Africa today and will have a huge impact on the economy of not only Nigeria, but the whole of West African region.
“This refinery, when completed, will be the largest single line refinery anywhere in the world, refining 650,000 barrels of crude oil daily.
“Apart from creating jobs, this refinery will contribute immensely to solving the fuel supply challenge in the West African region,” Governor Ambode said.
The governor expressed satisfaction with the level of work done on the project so far, saying he was happy that a lot of progress had been made.
He commended Dangote for his vision, doggedness and unwavering desire to contribute positively to the growth of the Nigerian economy, as well as his confidence in the Lagos economy.
Governor Ambode, who said aside the fact that the project confirmed the positive investment climate in Lagos which had resulted in massive investor confidence, also strongly believes that the future prosperity of West Africa was in collaboration between government and investors.
He said this was the reason his administration had been working hard to encourage investment in the State.
The governor reiterated that Lagos was home to all nations, races and creeds, including substantial Togolese population, adding: “I’m positive that we are providing them with the opportunities to get ahead in their endeavours.”
Governor Ambode said as a prominent Head of State in the West African region, he was not oblivious of the interest of President Gnassingbe in the Dangote Refinery, adding that the project was one of the emerging opportunities in Lagos State.
While inviting Togolese investors to take advantage of the positive investment climate in Lagos, Ambode assured that Lagos State was open for businesses and that his administration, in a bid to encourage investment, had massively invested in infrastructure and security of lives and property.
“Lagos is open for business. We are open to collaboration with the Togolese government and investors to move our two countries forward.
“Our government is investing massively in creating infrastructure which will support businesses and individuals. We have made huge investment in security and we will continue to ensure that the lives and property of all citizens are secured.
“We will remain partner in progress with all our investors. Our desire is for investors to invest in Lagos, grow their businesses, create wealth and jobs for our people and ultimately grow our Gross Domestic Product (GDP) positively,” Governor Ambode said.
Earlier, Nigeria’s Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, said the Dangote Refinery project could best be described as a partnership between private sector and government at its best.
Enelamah commended Dangote for being not only Nigerian champion, but champion of Africa, with his massive investments and re-investments, which according to him, were creating jobs and growing the economy.
“We need champions and Dangote is a Nigerian champion; he is an African champion; he is also a role model.
“We need many examples and with the repositioning that the Federal Government is doing, we are going to see many more examples,” Enelamah said.
On his part, Dangote commended President Gnassingbe for finding out time to inspect the refinery, adding that he was happy with the interest and encouragement being received over the project.
Apart from the refinery, there is also petrochemical, fertilizer and gas plant with daily production capacity of three billion cubic feet of gas which are being developed by the Dangote Group, all in one location. – Tribune.
