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Dangote leads CEOs of 9 banks to Aso Rock; declares that fuel importation to end by 2016

Aso Rock

Dangote leads CEOs of 9 banks to Aso Rock; declares that fuel importation to end by 2016

by Segun Odeleye

Aliko Dangote who on Wednesday secured a loan from a consortium of banks who’ll be providing a $3.3 billion credit facility to his company in order to build a refinery, petro-chemicals and fertiliser manufacturing complex, visited President Goodluck Jonathan in Aso Rock after the signing ceremony.

The signing ceremony was graced by the Vice President Namadi Sambo, but afterwards, Dangote, the Manufacturers Association of Nigeria and the CEOs of the participating banks including First Bank of Nigeria, UBA, Stanbic-IBTC, Zenith Bank, Access Bank, Ecobank, Fidelity Bank, Guaranty Trust Bank and Rand Merchant Bank, went to the villa to thank the president for his administration’s policies which had greatly encouraged investments in the country.

Dangote declared at the villa that Nigeria’s current fuel importation would end by 2016 with the coming on stream of the proposed the Dangote Petrochemical project. He said that the refining, petro-chemicals and fertiliser complex planned by his Group would make Nigeria a net exporter of petroleum products including diesel and aviation fuel, as well as poly-propylene and fertiliser.

The president on his part said his administration would not relent in the implementation of policies and measures that would help improve the operating environment for entrepreneurs and investors in the Nigerian economy.

“We are pleased that you are now investing in refining, petro-chemicals and fertiliser production. It is the downstream sector of oil and gas that can really create many jobs. Your interest and investment in that area will help in the area of job creation which we have been emphasising. You are also helping us to move away from being a mere producer of raw materials by adding value to our natural resources,” he said.

The project which will gulp 9 billion US. Dollars project represents 20 per cent of the nation’s reserve and is said to be the biggest single investment in Africa.

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