LCCI Sees Huge Investment In Downstream Sector With Dangote Refinery

The Lagos Chamber of Commerce and Industry(LCCI) has commended the efforts of Alhaji Aliko Dangote, promoter of 650,000 barrels a day refinery located in Lagos.

Expected to be Africa’s biggest oil refinery and the world’s single-trained facility, the Dangote Refinery will provide product sufficiency to meet Nigeria’s need for refined petroleum products, Director General of the Chamber, Dr. Chinyere Almona, said.

According to Almona, “LCCI views the refinery’s impact on the Nigerian economy as significant. It will save and generate foreign exchange. The Refinery will create jobs, positively affect the value of the Naira, broaden prosperity for the downstream sector, and provide growth opportunities for businesses. It will also stimulate economic growth by impacting the country’s balance of payments.”

The director general further stated that, in addition, the Chamber expects the Refinery to fuel further growth and development across its value chain, including cosmetics, plastics, textiles, and so on. adding that, “we also see room for the development of added value in agribusiness, including the Sugar Backward Integration projects that plan to create a strong localized supply in the sugar industry, benefiting local suppliers across the sugar value chain.”

The chamber noted that, this initiative presents Nigeria as an attractive investment destination for local and foreign investors, and urged the government to strengthen its commitment to creating an enabling environment for businesses.