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4 weeks ago
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- Aliko Dangote announced plans for a large shakedown successful Nigeria’s lipid industry, which volition absorption connected restructuring the downstream assemblage
- He emphasized that the refinery is acceptable to acquisition important expansion, with plans to database it connected the banal speech this year
- Dangote besides praised President Tinubu's economical policies, highlighting efforts to boost home accumulation and amended nationalist infrastructure
Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Aliko Dangote, the president of the Dangote Group and the antheral down the Dangote Petroleum Refinery, has promised to denote a "major shakedown" soon, signalling important changes successful the lipid manufacture that Nigerians should anticipate.
Source: UGC
Dangote claims that the shakedown aims to wholly restructure the downstream industry, alternatively than trim petroleum prices. In a speech with reporters pursuing President Bola Tinubu's sojourn to his $20 cardinal refinery successful Lekki, Lagos, the businessman revealed this.
When asked to supply much details astir the "shakedown" Nigerians should expect from his refinery, Dangote declined to springiness specifics.
He said:
“Now that the President has visited and fixed america further energy, we volition pass you, and you volition perceive from america soon. This volition beryllium 1 of the large shakedowns successful the full country. It is not a terms reduction; it volition beryllium a full overhaul of the downstream.”He added that the upheaval would origin the refinery to embark connected a “massive trajectory.”
“I told the President that helium hasn't seen thing yet; we are going connected a monolithic trajectory, overmuch bigger than what you’ve seen here. If you travel backmost successful the adjacent 5 years, the refinery volition beryllium connected the backmost burner,” Dangote said.The industrialist besides reiterated his program to database his refinery connected the banal speech this year, starting with the fertiliser company.
Nonetheless, helium praised President Tinubu's economical policies, claiming that they had created an situation much favourable for semipermanent concern and concern expansion.
Dangote besides commended Tinubu for his "Nigeria First Policy," which aims to trim reliance on imported goods and services while supporting home content. He believes this strategy aligns with the Dangote Group's firm imaginativeness of producing goods that Nigerians devour and promoting self-sufficiency to conscionable their cardinal needs.
Source: Getty Images
Furthermore, Dangote credited the Tinubu medication for enhancing nationalist infrastructure done initiatives specified arsenic the Refurbishment Investment Tax Credit Scheme and the Nigerian Road Infrastructure Development Fund.
Dangote pointed retired that 8 important roads, including the Lekki-Epe corridor, had been funded nether akin initiatives wrong the aforesaid cluster, with a full outgo of N900 billion.
Dangote Refinery plans to merchantability shares to Nigerians
Legit.ng reported that the Nigerian Exchange Group (NGX) is actively preparing for the listing of Dangote Petrochemicals, with the people acceptable for the 2nd 4th of 2025.
Africa's richest antheral is said to person applied to database the institution publicly, giving Nigerians a accidental to go part-owners done investments.
Umaru Kwairanga, NGX Chairman, successful a connection connected Friday, June 6, said that the anticipated listing aligns with President Bola Tinubu’s economical agenda, which aims to grow Nigeria’s Gross Domestic Product (GDP) to $1 trillion by 2030.
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Source: Legit.ng
