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“We’ll Soon Be Nigeria’s Biggest Forex Earners After NNPC” – Dangote

President/Chief Executive of Dangote Group , Aliko Dan­gote has said the conglomerate is focusing on generating foreign exchange earnings over the next five years when all its projects are completed.

The business tycoon said this in a Pre-Convocation lecture of the Ahmadu Bello Univer­sity, Zaria, at the weekend, adding that the Group will be the country’s largest forex earners after the Nigerian National Petroleum Corporation (NNPC).

Dangote listed the 650, 000 barrels per day refinery and a separate 1.2 petrochemical complex that will be completed in 2018 as one of the projects that will generate at least $6bn foreign exchange for the nation.

“In total, we are investing over $19 billion across our various businesses as we consolidate in some, grow others and venture into new fields and enterprises,” he said.

Dangote Group, he said, is furthering a new ground by investing in two 554Km, three billion square cubic feet (scf) gas offshore pipeline project.

The project which is the first indigenous owned undersea gas pipeli­ne that will supply gas to in­dustries and power plants, would be run from Bonny through the various gas fields and would generate 12,000MW of power.

According to him, some other investments, according to him, include a $5bn joint venture agreement with the Black Rhino Group to develop energy infrastructure in Africa.

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Comments (7)

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