Reports by the International Monetary Fund (IMF) earmarks a refinery being built by the richest Black man, Aliko Dangote as one with potentials to boost Nigeria’s economic fortunes by improving its current account balance and also impacting the country’s GDP positively when completed.
The recent report released by the financial watchdog on Monday indicated that, “On the upside, the Dangote refinery, if commencing production in 2022 as planned, could meet the full demand for domestic consumption of refined petroleum products—which are almost all imported at present—thereby improving the CA balance.”
IMF’s Article IV report which focused on Nigeria’s economy further added that, the prospects of the refinery equally possess the tendency to boost Nigeria’s Gross Domestic Product. “With crude oil for local refining not subject to the OPEC quota, the refinery also has the potential to catalyze more domestic crude oil production and boost GDP growth.” The report said.
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The land area to be covered by the structure which is located at Lekki Free Zone- Lagos is 6,180 acres. The entire project is expected to cost $15billion, with $10billion invested in the refinery, $2.5billion in fertilizer factory and the remaining $2.5billion in pipeline infrastructure for oil transportation. If completed, the 650,000 bpd facility will produce enough refined oil to meet domestic demands as well as surplus for export.