Nigerian Billionaire Dangote To Build $8 Billion Refinery, Donates $500,000 To UNICEF

Sometimes i ask if the discovery of oil was a blessing or a curse to Nigeria? as it can be seen that majority of the issues affecting this great nation of ours are directly and indirectly related to Oil.
In a bid to aid in addressing the issue, Africa’s richest man, Aliko Dangote, has announced plans to construct an $8 billion refinery in Nigeria later this year, according to a report by Nigeria’s Leadership newspaper.

Dangote made the announcement last week in Lagos during a breakfast meeting with some senior editors of various Nigerian media organizations to commemorate his 57th birthday.

While Dangote did not disclose the planned location of the facility or its capacity, he said his Dangote Group, will start work on the refinery as soon as the company secures final approval from the federal government and other related agencies. In 2011, the Nigerian government granted approvals to 19 multinational corporations to set up private refineries in the country. To date, none of the companies has set one up.

“We are all aware that the federal government had issued 19 licenses to the private sector to establish refineries in the country, but how many of them have come on stream? There is uncertainty in the sector and only a mad businessman will put up a refinery now, but we are set to do that,” he apparently told reporters.

The Nigerian billionaire also sent out a passionate plea urging the government to allow the private sector to thrive by allowing market forces to determine the price of petroleum products.

In what is likely a related development, Aliko Dangote’s charity organization, the Dangote Foundation has donated $500,000 through the United Nations Children Fund (UNICEF) to support the Nigerian government’s response to managing a recent outbreak of measles that has affected many states in Nigeria.

Bless His Good works.

NigerianEye