CBN has assured Dangote of Forex to help finance his $14billion refinery project

The Governor of Central Bank of Nigeria (CBN)

Mr. Godwin Emefiele, during a tour of the
refinery which is projected to refine 650,000
barrels of crude oil per day. assured Dangote
Group that it will support its access to Foreign
Exchange in order to build its proposed $14
billion refinery in the country.
The CBN governor said that the support was to
help with the importation of equipment needed
to bring the Dangote refinery to reality.
He said:
“Your ongoing 14 billion dollar refinery
investment will enjoy our support, no doubt. We
are doing this to fast-track the importation of
equipment you need for a speedy completion of
that project and to encourage other Nigerians to
follow your lead” Emefiele said.
“The Dangote Group approached us to indicate
their interest to invest in refining crude, such
that petrol-chemicals, fertiliser and fuel will be
produced, about three years ago.
“Today, the three projects, which are valued at
14 billion dollars (N2.8 trillion), are on course
and this is highly commendable, ‘’ he said.
“By the time this refinery is completed, it will
not only service the needs of our domestic
economy but shore up our international oil
investments.
“Projects like this and our support will
encourage more Nigerians to begin to think like
the Dangote Group,” the CBN boss added.
Aliko Dangote, Chairman, Dangote Group, on
the other hand said that the refinery would
commence commercial operations in early 2018
and that the fertilizer production aspect of the
refinery would be completed by 2017.
He said:
“We are set to unveil the world’s largest refinery
which will make Nigeria self-sufficient in
petroleum products refining and also become a
major exporter of oil.This project will mark a
turning point in Nigeria’s search for local
refining of crude oil.
“We will ensure the value chain in crude oil
production is uplifted and other facilitators
properly integrated into our scheme,” he said.

Source Vanguard