ECOWAS leaders say Dangote Refinery Symbolises Hope for Africa

… We’ve capability to fulfill ECOWAS’s petroleum wants – Dangote

Towering over the Lekki Free Zone on the sting of the Atlantic, the Dangote Petroleum Refinery is greater than only a feat of engineering; it has turn into an emblem of ambition, imaginative and prescient, and industrial self-reliance for a whole continent. Now, that promise has been affirmed by the area’s highest political and financial bloc, the Financial Group of West African States (ECOWAS).

Throughout a high-level go to to the state-of-the-art 650,000 barrels-per-day facility, the President of the ECOWAS Fee, H.E. Dr Omar Alieu Touray, declared the refinery a beacon of hope for Africa’s future, and a transparent demonstration of what the non-public sector can obtain within the drive for regional industrialisation. The delegation additionally included ECOWAS Commissioner for Infrastructure, Vitality and Digitalisation, Sediko Douka; Commissioner of Inside Companies, Prof. Nazifi Abdullahi Darma; Director of Personal Sector/SME, Dr Tony Luka Elumelu; and Dr Touray’s Chief of Workers, Hon Abdou Kolley, amongst others.

“What I’ve seen immediately provides me a variety of hope, and all people who doesn’t imagine in Africa ought to come right here. Visiting right here offers you extra hope as a result of that is precisely what our continent ought to deal with,” Dr Touray remarked, visibly moved by the size and class of the ability. “We now have seen one thing I couldn’t have imagined, and actually the capability in all areas is spectacular. We congratulate Alhaji Dangote for this belief in Africa as a result of I feel you do that solely when you will have the belief, and he has a imaginative and prescient for Africa, and that is what we must always all work to encourage.”

Dr Touray famous that the refinery, which produces gas to Euro V normal, is important for enabling the ECOWAS area to fulfill its 50ppm sulphur restrict for petroleum merchandise—a regular many imported fuels fail to fulfill, posing well being and environmental dangers throughout member states.

“We’re nonetheless importing merchandise beneath our normal when a regional firm resembling Dangote can meet and exceed these necessities,” he stated. “The non-public sector should take the lead in ECOWAS industrialisation.”

The ECOWAS Fee President used the go to to name for stronger collaboration between governments and the non-public sector, stressing that coverage choices should replicate the true challenges and alternatives skilled by African industrialists.

“We imagine our go to additionally serves as a chance to listen to immediately from Mr Dangote, about what the non-public sector expects from the ECOWAS neighborhood,” Dr Touray remarked, noting that as ECOWAS celebrates its fiftieth anniversary, the neighborhood is extra dedicated than ever to bringing the non-public sector to the desk—to take heed to their views and to grasp how finest to create an setting that works for them.

“We can’t proceed to make choices on behalf of the non-public sector from a distance. Visits like this present us with first-hand expertise and direct perception into the challenges they face—challenges that authorities and authorities officers should work to handle,” he added.

Dr Touray stated the time is ripe for the area to pursue an industrial technique able to addressing deep-rooted challenges resembling youth unemployment, poverty, and insecurity.

“We frequently discuss poverty eradication and youth employment, however the authorities alone could not have the capability to attain these targets. Solely the non-public sector can ship the size of affect required, and it’s important that we take heed to them, perceive how these aims could be met, and establish the bottlenecks they face in order that they are often successfully addressed. That is the one practical path to creating jobs and fostering real prosperity throughout our economies.”

He pledged the Fee’s full assist for enabling regional giants resembling Dangote Group to entry wider ECOWAS markets and urged different African nations to observe Nigeria’s instance by constructing infrastructure that serves the continent, not simply particular person nations.

“As soon as once more, I congratulate the Dangote Group and commit that ECOWAS Fee will do every part to open up the ECOWAS marketplace for them, if not your entire African continent.”

President of Dangote Group, Aliko Dangote, led the ECOWAS delegation on an in depth tour of the ability, explaining the challenges and milestones concerned in bringing the world’s largest single-train refinery to life.

He reiterated his longstanding place that Africa’s continued dependence on imported items is unsustainable and hinders financial sovereignty.

“So long as we proceed importing what we are able to produce, we are going to stay underdeveloped,” Dangote stated. “This refinery is proof that we are able to construct for ourselves at scale, to international requirements.”

He famous that the Dangote Refinery is absolutely geared up to fulfill the petroleum wants of Nigeria and your entire West African area, countering claims that the ability wouldn’t produce sufficient for native and regional demand.

“There have been many claims suggesting that we don’t even produce sufficient to fulfill Nigeria’s wants, so how may we presumably provide different West African nations? However now, they’re right here to see the fact for themselves and, extra importantly, to encourage different nations to embark on equally large-scale industrial initiatives,” he stated.

Noting that Africa will profit tremendously by encouraging commerce amongst its nations, particularly via worth addition to the continent’s plentiful assets, Dangote careworn how the refinery has helped Nigeria to convey down the price of refined merchandise and manufacturing prices throughout many sectors of the financial system.

“Final 12 months, once we started diesel manufacturing, we have been capable of cut back the worth from N1,700 to N1,100 at a go, and as of immediately, the worth has crashed additional. This discount has made a big affect throughout varied sectors. It has supported industries, benefited these of us in mining, and offered important aid to the agricultural sector. The impact has been far-reaching,” he stated.

He additionally famous that Nigerians are benefiting from native refining as the worth of petrol has dropped considerably in comparison with neighbouring nations.

“In neighbouring nations, the typical value of petrol is round $1 per litre, which is N1,600. However right here at our refinery, we’re promoting at between N815 and N820. Many Nigerians don’t realise that they’re presently paying simply 55% of what others within the area are paying for petrol. We even have a a lot bigger initiative within the pipeline, one thing we’ve not but introduced however Nigerians ought to know that this refinery is constructed for them, and they’re going to benefit from the most profit from it,” he stated.

He emphasised that this value discount is a direct results of native refining, which continues to enhance gas affordability whereas enhancing power safety and lowering dependence on imports.