Dangote Plants Eye $6billion Annual Sale To Nigeria By 2018

The Governor of the Central Bank of Nigeria has projected that Aliko Dangote’s industrial complex in the commercial capital Lagos will sell as much as $6 billion a year of foreign exchange.

Dangote’s fertilizer plant, which will be operational next year, and the petrochemical plant and refinery, expected to be completed by 2018, will meet local consumption of petroleum and chemical products that currently make up 35 to 40 per cent of Nigeria’s import needs, Emefiele told journalists at the construction site Sunday.

The complex will also produce for export, he said.

“We expect that by the time these projects are completed, it will not only meet the needs of our domestic requirement,” Emefiele said. “By the time it is completed, he will be exporting these products to the point where he will be selling foreign exchange to Nigeria, to Nigerians and to the Central Bank of Nigeria to the tune of almost about $6 billion a year.”

“You can imagine what will happen to the savings in foreign exchange” by the time the refinery, petrochemical and fertilizer plants are completed, Emefiele said. “We can’t wait, we need him to do this very fast so we can begin to save foreign exchange,” he said, referring to Dangote, Africa’s richest man.