Dangote Group is set to complete its $2bn petrochemical plant in Lagos which when fully operational will position Nigeria as one of Africa’s largest petrochemicals hubs and boost non-oil export earnings for the country.
Dangote Group President, Aliko Dangote, said this at the 2022 Zenith Bank International Trade Seminar on Non-oil Export recently in Lagos.
He said the refinery and petrochemical projects would ensure petroleum products sufficiency and security for Nigeria.
He explained that the refinery, reputed to be the largest single train greenfield petroleum refinery in the world, is at an advanced stage of completion and that on completion.
It is expected to export much more than eight million tonnes of Petroleum products annually after meeting domestic consumption, while about 900,000 tons of polypropylene is also expected from the petrochemical plant.
According to a statement, the 900,000 metric tons per annum capacity plant, which is being built alongside the 650,000 barrels per day Dangote Petroleum Refinery will produce polypropylene strategically positioned to cater to the demands of the growing plastic processing downstream industries not only in Africa but also in other parts of the world.
Dangote said the company accentuated the need for the government to unlock the potential of petrochemical export by completing the OB3 pipeline to make gas available to manufacturers.
“There is a need to prioritise financing gas infrastructure, gas allocation to the domestic market, and adjustment of fiscal framework to make the supply of gas to domestic market attractive for oil companies,” he added.