$14 billion refinery: CBN assures Dangote of support to get FOREX


The Central Bank of Nigeria, CBN, has said that it would assist the Dangote Group to access foreign exchange to facilitate its $14 billion refinery project.

Godwin Emefiele, the Governor of the CBN, said this during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.

The tour of the facility held on Sunday at its location within the Lekki Free Trade Zone in Lagos.

The CBN governor said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality.

“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,” Mr. Emefiele said.

According to him, the tour is necessary to lend our support to this laudable project that will transform Nigeria’s downstream oil sector.

“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.

Mr. Emefiele said the CBN would continue to support tremendous and impactful projects that would improve the socio-economic profile of the country through such investments.

He said the diversification of the Dangote Group was worthy of emulation by other industrialists.

“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.

The Chairman, Dangote Group, Aliko Dangote, said that the refinery would commence commercial operations in early 2018.

“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.

The chairman said that the fertiliser production aspect of the refinery would be completed by 2017.

“This project is generally about saving foreign exchange and earning more for our nation through the diversification of the economy.

“We started with local production of cement and today we export more than 12 tonnes of it.

“We don’t need dollars now to continue to produce Dangote Cement and that is the same thing we will do with this refinery.

“This refinery will have the capacity to serve this country optimally and it is part of our contribution in the vanguard to diversify our economy.”



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  • DanielOsazuwa

    The Federal Government must as a matter of urgency increase the security around Aliko Dangote. The security details around our parasitic governors should be reduced to buff up Dangote security. He is the highest employer of labour (direct and indirectly) after the Federal Government.

    The cabal (foreign and local) that held this country to it knees is about to be defeated. Hallelujah! All necessary support should be given to him by the FG without question.

    My advice to Oga Dangote is to buy oil future now and hedge your bet on oil going up. Reduced your current shares in Dangote PLC to enable you finance it. This advice is my contribution as a patriotic Nigerian because it will save you tens of billion of Naira.

    May God give you good health Sir.

    • Dazmillion

      I fully support your post. There is no need surrounding criminals like Ifeanyi Okowa or Seriake Dickson with able bodied police men, when they are totally useless to the average Nigerian citizen while Dangote, a man generating employment in the thousands, is making do with less than adequate security.

    • Infolist Builder

      @DanielOsazuwa:disqus , Advising Dangote to BUY crude oil futures now to hedge against price going up is generally a good idea,but is both fundamentally and technically flawed by time.BRN and CL closed at 33.10,and 32.88 respectively,and trading at 12 yrs low but not at any major SUPPORT level.All technical indicators remain bearish for now,suggesting higher probability that the black gold will continue going south for now.

      Fundamentally,Iran is coming out of western-imposed sanctions and will soon be flooding the markets with at least 600,000 bpd, thereby increasing global production outpacing of demand.

      Again, oversupply issue will be exacerbated further by continued over growing stock from US Shale Oil fracking that will further weaken the price.The strengthening US Dollar is also not helping crude oil at “THIS TIME” .
      Dangote will no doubt start buying 2018 delivery when support is established @ Weekly TF. a new Higher High established and broken.

    • StormRider1

      Nice point, but read Infolist…. below for correction of your advice to Dangote.

    • PolyGon2013

      Sorry, that is not the job of the government. Dangote can afford his own legitimate security details. However, government can still stay on top of it. Dangote is the man.

    • Akani

      Last time I read your comment I was tempted to think that you favour dictatorship. Now I am confuse. What are you in for? Are you in favour of Fasism? Why can’t Aliko Dangote buy his own security himself? Is the security of Dongete more important than the security of 170 millions Nigerians who are expose on daily base to kidnappings, rapes, murders and Suicide bombings?

      • DanielOsazuwa

        My brother the security of Dangote is more important than that of most Governors. I am not even talking about that of most Nigerians including myself. Dangote is of strategic importance to Nigeria in particular and Africa in general. For your information whenever Bill Gate is going to any third world countries, he is escorted by US Secret Service. The last time he visited Nigeria, the American Embassy took over the screening of guest to the event he attended. I was lucky to be among the invited guest. It’s not hear say.

        If a man that control almost 60% of your capital market is not of strategic importance to you, my brother please see a doctor.

        • Akani

          At last I know where you are coming from. You are among the Nigerian power elites or their sycophants. You prioritized the capital market over the labor market and the other markets. You fail to realize that the health of the capital imarket is a function of many activities in the secondary markets . One cannot talk of the capital market in isolation of the greater insecurity pose not only to Dongote but the population at large. These things are interrelated.
          I am sickened to learn that Dongote controlled 60% of th Nigerian capital market . What a sham! What we have in Nigeria is in fact Dongete candy store. Dongote makes the market at his whimp, I am sorry to any unsuspecting and most unsophisticated investor that risk their investment in Domgete’s candy store wrongly named the Nigerian stock Market.

          • Seth

            I do not agree with your interpretation of market events. History is the teacher; matured economies in the advanced countries are driven by consumption i.e the consumer. To consume a product you need technical, entrepreneurship and access money. Then labor is required to bring the product to market. Though technical, entrepreneurship, access to money and labor inter wine at various stages to bring a product to market technical, entrepreneurship and money creates the framework/foundation for labor. NOT the other way around.

            I sense in your writing that you also question how Dangote got to where they are today. The answer is simple; most big things start rather very small. I imagine Dangote started like all the small businesses mentioned but used opportunities that came its way very wisely; maybe the guy is blessed with wisdom (ability to put ideas and things together guide it to fruition).
            His achievement is commendable for person coming and operating from Nigeria with all the chaos.
            We should be proud of Dangote but at the same time Nigeria should not forget the other businesses that value to your economy and strengthens it currency.

            You opposing stand is commendable as its serves to counter balance and avoid over emphasis on a single diversified business.

            I am a Ghanaian/Canadian; as they say what happens in Ghana happens in Nigeria and vis-versa. It would be great (I think) if an entrepreneur of such caliber rises in Ghana.

            Lets us brighten the light where we are.

  • kuli

    We need more forward thinking business men like Aliko Dangote as oppose to glorified rent seekers. God bless and protect you and your businesses.

    • Burbank


  • musa aliyu

    So dangote is the only one that deserves your assistance? Meaning Nigerian business starts and ends with dangote. See what buhari is doing to us for allowing jona’s men in power for too long. Diarisgodoh!

    • hernan cortez

      How many refineries have you built? Why don’t you go build a refinery, we will support you.

  • Yusuf

    the new king in town! keep spraying the dollars to whom you want and denying those you do not want. our reserve is now your personal property

    • Artful ºDodger

      Take a rope go and hang!

  • Omotolaaraujo

    Nigerians need cheap fuel and electricity. Exporting oil is not going to help Nigerians. 12 tons must be a typo, that’s only several truck loads.

  • ukoette ibekwe

    $12b refinery. Why should the CBN give forex access to dangote. In the first place $12b refinery is a scam. Dangote has enjoyed the monopoly of business in Nigeria courtesy of Nigerian governments, he does not need the government to continue to babysit his business empire. CBN has denied many other businesses to forex and has asked those businesses to access forex for their businesses.

    • PolyGon2013

      Ibos, we know you. Pack your stuff and leave SW. Eko o no baby je o.

    • Artful ºDodger

      When you get biafra you can use your forex to import shit and leprosy. Right now projects like this Dangote refinery is what Nigeria need and the CBN is doing the right thing by guaranteeing him forex.

  • sammyctu ode

    DANGOTE GROUP, congratulations and we need more Nigerians to think like him. we are proud of him, he is a true dedicated Nigerian and the SW people are grateful to him for sighting these three high technological companies in the SW zone which will benefit all Nigerians and encourage our children to enroll in science subjects.GOD CONTINUE TO BLESS ALIKO DANGOTE AND HIS THINK TANK.

    • Burbank

      Nigeria needs more Dangotes to realize the dream of making this country an industrial power.

  • ed

    CBN did the right thing by opening up forex for Dangote.
    What’s good for Dangote is also good for others without access to the president.
    The CBN movement in the direction of military time restrictions is the problem. The government have to trust free people and free markets. That’s what made America great. Free mind are the creative mind. A direct result of free people. Nigeria progress come from people.
    We’re all proud of Dangote success. He did enjoy extraordinary breaks with past regime. So did all the billionaires. Dangote just made better use of the opportunities.
    Wishing them more successful venture.

    • Artful ºDodger

      Dangote had access to Jonathan more than he had to Buhari and in developed world major business men always have good access to the presidents and prime ministers. The government need them just like they need the government. The refinery project is a very laudable one much more than those who want to import toothpick and cocaine.

  • PolyGon2013

    Sai Dangote. Eko o ni ba je o. I hope by the time you finish, the Biafran project would have been completed. We don’t want the ibos to sabotage your project in SW.

    • kevenreal

      Where will the oil come from? From the mythical Lagos state oil? Dangote is building no refinery, it is simply a land grab. Reason is because oil subsidy is still in place, Nigeria is still fragile, the cost of laying oil pipeline from Niger Delta, including Igbo states makes no business sense, many youths in the two regions will not allow their oil to feed that refinery outside their region and therefore will blow it up every week.

      • Paul Young

        oh well, i guess the story is different now lagos has discovered oil

  • Burbank

    650,000 bpd will make it among the largest refinery in the world and turned Lagos into the biggest oil refining center in Africa.
    Bravo to Alhaji Aliko Dangote and thanks too for providing employment opportunities for thousands of Nigerians.
    God bless Dangote
    God bless Nigeria

  • Charlie

    It is not the CBN Governor’s right to be giving out subsidy of almost 4 billion dollar, which is what he is doing by having a differential of 75 Naira between the official rate and the market rate, and giving special access to some group why denying others. If it is determined by the government that we need to subsidize Dangote, the money should be appropriated by the Federal legislators in a transparent manner. This shows the kind of corruption that is going on in plain view brought about by good intentions but not sound judgment. Dangote already got most of his funding for his refinery in dollars from overseas, he does not need the incentive, but as a good businessman, he will take money from suckers that want to give it away.

    • Burbank

      And where did you fantasize this CBN subsidy of $4bn to Dangote?

      • Charlie

        Simple arithmetic, multiply $14bn by 75 Naira, which is the difference between government rate and the market rate. Not only Dangote is subsidized, but all the people with access to the CBN official rate.

        • International games

          Charlie. Burbank is a Troll. His job is to sit in Aso Rock and counter every sensible suggestions put up by young Nigerians to move us forward. These are the kind that Buhari should be wary of. He could no even calculate that one man will get all that money at subsidized rate when there are other Nigerian business men in Agriculture looking for money. What happened to the four refineries we own? Why not sell them to Dangote cheaply? I have no problem with that. But to take our money and GIVE to one businessman is STEALING.

          • Burbank

            “What happened to the four refineries we own? Why not sell them to Dangote cheaply?”

            You are assuming Dangote is interested to buy the four refineries?
            That’s the difference between you and Dangote.

        • Burbank

          And where did you fantasize this CBN subsidy of N75=$1 to Dangote?

        • Burbank

          Dangote business is global not local. He has no problem to access USD anywhere in the world.

          The supply of USD is not a major problem to a businessman with the international clout of Dangote.

    • Artful ºDodger

      Whose right is it to give? Do you even know the powers the CBN governor has over the economy? He is independent and his decision over the banking aspect of the Nigeria economy is final. That is why he is the governor and all commercial banks across the country comes under him. The federal legislators cannot dictate to the CBN governor because the bank is independent, it is his strategic rights to put the nation´s forex in areas where he sees the best value for it.

    • bigbang

      Devaluation of the Naira would be bad for the Nigerian economy. I am strongly against it.

  • bigbang

    Good work by the CBN governor. I also heard that Nigerians are undergoing training to be able to work at the new refinery. The good news is this is a Nigerian making this investments. If it was a foreigner, they will repatriate the funds eventually.

    • International games

      You heard from who? What about the Nigerians already trained to work in the FOUR refineries DESTROYED by these guys? Are they not trained also? You think we are Idiots?

    • Tunsj

      How do you know that there are no foreign investments in it? I’m sure that they are already Nigerians trained already that need the jobs,