BEVERLY HILLS, March 02, (THEWILL) – Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has expressed optimism about reduction in the high rate of unemployment in the country, stating that Dangote Refinery alone will employ more than 70,000 able Nigerians when it becomes operational.
The CBN governor who spoke after a tour of the Refinery over weekend said the Dangote Refinery and Petrochemical Plant is expected to increase the number of employees from the present 34,000 to over 70,000 when it becomes operational.
He commended the Dangote Group for its commitment towards bringing the project on stream as planned and expressed satisfaction with the facilities on site.
“The reason that I am here today is to see what is going on on site.
ALSO READ: Our Unconventional Monetary Policies Have Created Over 2.5m Jobs – Emefiele
“This time that the economy is going through its own challenges there is need for us to diversify the Nigerian economy from oil to other areas where we have abundant resources.
“The 650,000-bpd capacity refinery when operational will not only satisfy local consumption but will also position Nigeria as a major exporter of petroleum products.
“Nigeria is so central and this refinery will serve almost the whole of Africa which will lead to cheap cost of freight.
“This project is so strategically positioned that it will even make the final price of petroleum within Nigeria and even outside Nigeria to be lower than those imported outside the African continent.
“We need to encourage other Nigerians and we will keep saying this. Nigerians must stand tall and be ready to come out and support their country,” the CBN governor said.
He disclosed that apart from the low interest rate regime, the government was also putting other policies in place to rejuvenate industries and create employment opportunities for the citizenry.
“This is the time for other Nigerians who have been making money in services to come out and join Dangote to help us grow the economy because government alone cannot grow the economy
“We will want to support any Nigerian or foreigner who finds Nigeria as a good investment destination. Whatever we need to help you we will do it.
“That is why we are forcing the banks today that they must do what is right by lending to credible persons and act as catalyst to our economic development,” Emefiele said.
In the same vein, Aliko Dangote, said he is on a mission to aggressively reduce the unemployment rate in the country saying apart from job creation, the plant will also retain foreign exchange in Nigeria, as the country becomes self-sufficient in petroleum refining.
“Besides, we are going to help in terms of not only creating jobs but also in reducing the outflow of foreign exchange not only in petroleum products but also in petrochemicals, and in fertilizers. We would be one of the highest foreign exchange generating company going forward”, Dangote added.
Dangote says its $2 billion Granulated Urea Fertiliser plant located at Ibeju Lekki, Lagos will begin operations in May and would make Nigeria the only Urea exporting country in Sub-Saharan Africa, and biggest producer of polyethylene, which is capable of generating $2.5 billion annually.
He said: “Nigeria will soon become the biggest and only urea exporter in sub-Saharan Africa for the first time. And we are not only exporting, we would be exporting big time.
“We are also going to have polyethylene which is about 1.3 million tonnes annually. These two products would bring in something like about $2.5 billion annually in terms of foreign exchange. A lot of Forex would now come in and that $2.5 billion is only about 10 per cent of remittances.”
About the Author
