(4 minutes read)
· The Nigeria based Dangote Industries is spreading its
operations o to several fronts including oil refinery and agriculture
· Even with misses and fault lines, the refinery will be a game
changer since it will have the capacity to refine 650,000 barrels of
crude oil a day. An estimated saving of US$7.5billion in foreign
exchange can be accrued to the country. Despite being the largest oil
producer in Africa,
The Nigeria based Dangote Industries is spreading its operations o to
several fronts including oil refinery and agriculture . It is
expected that the US $12billion oil refinery will go on stream sooner
or later. Though the company maintains that the signature project will
be commissioned by the end of the calendar year, many are not willing
to buy that claim. Going by the progress of the plant as of now, many
feel that it will be ready for commercial production by the end of
2021.
Even with misses and fault lines, the refinery will be a game changer
since it will have the capacity to refine 650,000 barrels of crude oil
a day. An estimated saving of US$7.5billion in foreign exchange can be
accrued to the country. Despite being the largest oil producer in
Africa, Nigeria imports fuel and sells it at subsidized prices. Not
alone that: the refinery can create 1600 permanent jobs and 100,000
indirect jobs. Close to the refinery project near Lagos,the company is
building US $2billion fertilizer plant, which is likely to commence
production later this year.
The company is not eroding its strength in cement business. New
plants are coming up in Cameroon, Gabon, Liberia and Togo. However,
its cement export volumes in 2019 had taken a hit by Nigeria’s closure
of land borders with its neighbors in a bid to combat smuggling.
Importantly, Dangote group is making forays into Agriculture to make
the country self-sufficient in food production. The company is making
its mark in tomato, sugar cane and rice cultivation using biomass
technology. Another area that the company is getting into is oil and
gas exploration. Having acquired two oil blocks in the recent past,
the production is due to commence in 2020. Its involvement in mining,
such as coal and bitumen is well known as also its presence in
automobiles. Its truck division has already started trials of its
locally made trucks
