TheCable

The national assembly says Dangote refinery, upon completion, will further hasten Nigeria’s economic recovery by strengthening the naira.

Sabo Nduka, chairman of the senate committee on petroleum industry bill (PIB), said this on Tuesday, during an inspection visit to the site of Dangote refinery, petrochemicals complex, fertiliser plant and subsea gas pipeline projects in Lagos.

Devakumar Edwin, executive director of capital projects and portfolio management at Dangote Group, had said the 650,000 barrels per day (bpd) refinery could meet 100 percent of Nigeria’s requirement of all liquid petroleum products and would have surplus for export.

Edwin also said the refinery’s petroleum products will hit the market by early 2022.

Nduka said: “I’m totally overwhelmed. And looking at this investment here, it is unbelievable that a single individual can confront this kind of project at this time of our economic life.

“I’m sure that by the time this refinery comes on stream, even the local currency is going to be strengthened because we spend millions of dollars importing finished petroleum products.

“If you don’t help this industry, this refinery to come on stream, then, it means the Nigerian economy is going to be doomed.”

Nduka further said the refinery will also create jobs, adding that the national assembly would give it the necessary support.

Meanwhile, Mohammed Monguno, chairman of the adhoc committee on PIB, house of representatives, commended Dangote Group for the project.

Monguno as well said the refinery would help to diversify the economy and boost foreign exchange reserves.

“The passage of the PIB will make sure that the enabling environment is created by way of legislation for such private investments to thrive, and make the oil and gas industry much more competitive to also attract further investments into the country,” he said.