Nigeria’s President Goodluck Jonathan has applauded plans by the Dangote Group to build Africa’s largest refinery, petro-chemicals and fertilizer manufacturing complex in Nigeria saying the move would ease the unemployment burden in the country.
The President who spoke when he received, when he hosted President Dangote Group, Mr. Aliko Dangote, Industrialists and bankers at the State House on Wednesday in Abuja in Abuja said that the move by Nigerian banks to provide the $3.3 billion credit facility for the project is a step in the right direction.
He noted that Dangote Group’s massive investment in refining, petrochemicals and fertilizer production will contribute significantly to the attainment of government’s priority objective of job creation.
“We are pleased that you are now investing in refining, petro-chemicals and fertilizer 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 emphasizing. You are also helping us to move away from being a mere producer of raw materials by adding value to our natural resources,”
Mr. Jonathan added that by having the confidence to invest in the country, through financing of the project Nigerian banks were being patriotic.
President Jonathan also expressed the Federal Government’s appreciation of the great support being given by Nigeria’s private sector to the implementation of his administration’s agenda for national transformation.
The President assured of his administration’s commitment to improving the country’s business environment through the implementation of policies that would facilitate doing business in Nigeria.
He said the present administration would “progressively removing all major impediments to greater investment in Nigeria such as inadequate infrastructure and unsteady power supply.”
In a earlier remark, Mr. Dangote who led the team from his company, the Manufacturers Association of Nigeria and Nigeria’s leading banks said the refining, petro-chemicals and fertilizer complex planned by his Group will make Nigeria a net exporter of petroleum products including diesel and aviation fuel, as well as poly-propylene and fertilizer.
Mr. Dangote told the gathering of business people that they were at the Presidential Villa to thank him for his administration’s policies which have greatly encouraged further investments in Nigeria.
“Your policies have helped us greatly. Without them, we will not be where we are today,” the President of the Dangote Group told President Jonathan.
Mr. Dangote was accompanied to the Presidential Villa by Chief Executives of the Consortium of Banks financing the project including First Bank of Nigeria, UBA, Stanbic-IBTC, Zenith Bank, Access Bank, Ecobank, Fidelity Bank, Guaranty Trust Bank and Rand Merchant Bank.
According to Mr. Dangote the signing of the financial support agreement was a milestone in the industrialization of Nigeria.
“It shows that there’s great confidence in the Nigerian economy and quite a lot of appetite for investment in our country,” he said.
Also, part of his delegation were Chief Kola Jamodu, Mr. Femi Otedola, Mr. Jim Ovia and top management staff of Dangote Group.
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