It's good to learn CBN is lending support to Dangote on this project. CBN should note that there are some other indigenous companies that are also contemplating similar projects including the company I work for. I work in one of the leading marginal field oil operators, and one of the things we have done to diversify our revenue base and contribute in our own little way to the growth of the nation's economy is to also diversify into refinery. CBN should carry out detailed work/investigation on this and see how support can be lent to these categories of investors as well.

Mtchew! Yes dangote can gain access to foRex because it will improve Nigeria's economy but me as an ordinary Nigeria citizen cant gain access to Forex because it's presumed I won't have any value to the economy. I am a student in UK stranded with cash for my welfare due to this useless policy. It is still a government of the few (oligarchy) we run in Nigeria. I and many Nigerians either students or business people are left stranded by this policy. Others that need foRex for there businesses are finding it difficult to get foRex. If at all u get it.it is at a highly inflated rate. This policy is evil in itself, business are collapsing by the day, people are losing jobs , hunger on the rise. But now dangote is exempted from this shit. This is the height of insensitivity from this government.

obailala:
Dangote is a businessman and he will site his business at the most convenient economic location where he will make maximum profit. Who knows, if he had sited it somewhere in the creeks he would have spent half of the capital cost settling youths and also dealing with periodic vandalism of his facilities whenever some misguided youths think they need some extra payouts. Some months back, the same Dangote suffered the loss of 4 of his trucks at Onitsha because some animals thought the best way to get back at the government of an Hausa man was to burn the trucks of another Hausa man. I don't think Dangote as a businessman would be comfortable siting his business in the SE filled with people who hate him just because of his tribe.

Similarly, just last week we heard of the idiotic Uvwie youths in warri who vandalised the shoprite mall for absolutely no reason. That simple mall since its commissioning had restored a bit of life to Warri, a city which has been desolate since the bad leadership of the state allowed a multinational like Shell to leave. If I was an investor, even if I'm from that area, I wouldn't site my business at a location where I would be given high BP.


I think quite a good volume of oil is produced in Ondo and a soon to be commissioned field in Lagos, although not anywhere close to the planned 650,000 barrels/day. But don't forget the refinery will buy the crude oil it will refine; the crude will not be given free of charge and at least we wouldn't have the problem of looking for who to buy Nigeria's crude any more. If When the refinery comes on stream, it will absolutely change the dynamics of the Nigerian economy in the positive direction. I don't care where it is sited or who takes home the profit. The effects would be felt by all Nigerians.

My dear I don't care where Dangote sites his numerous industries. My problem is the government giving him soft landing and the concessions of public utilities to him through the back door. Imagine the government telling us the will grant him monetary facilities when government companies in that regard is in comatose.

Government had also keep competition for him making him operate a monopoly in a free economy. Imagine how the present government is frustrating Ibeto cement to give him monolithic leverage on the economy.

saasala:
Sai pmb
Sai Dangote

is like u are blind read does speech carefully u will see dat is not bubu hardword nor bubu policy

freshvine:


My dear I don't care where Dangote sites his numerous industries. My problem is the government giving him soft landing and the concessions of public utilities to him through the back door. Imagine the government telling us the will grant him monetary facilities when government companies in that regard is in comatose.

Government had also keep competition for him making him operate a monopoly in a free economy. Imagine how the present government is frustrating Ibeto cement to give him monolithic leverage on the economy.

I wouldn't to go into the Ibeto cement issue because I don't know the details, I however heard (not confirmed) that the condition for being allowed to import is that the organisation must have some capacity to also produce locally. This also applies for rice importation, only organisations which show a capacity to produce rice locally (with proven rice farms and mills) are given licenses to import. The idea is to encourage more local production whilst still allowing for importation to meet local consumption. But then again, I don't know the exact details as it concerns cement and Ibeto.

As for the refinery, the idea is pretty clear, the CBN is obviously encouraging the building of local refineries as this has the capacity to totally overhaul Nigeria's economy.

4Tees:
It's good to learn CBN is lending support to Dangote on this project. CBN should note that there are some other indigenous companies that are also contemplating similar projects including the company I work for. I work in one of the leading marginal field oil operators, and one of the things we have done to diversify our revenue base and contribute in our own little way to the growth of the nation's economy is to also diversify into refinery. CBN should carry out detailed work/investigation on this and see how support can be lent to these categories of investors as well.

I'm quite sure the CBN will be very willing to similarly support other organisations that are willing to go into the refinery business. According to the reports, importation of petroleum products account for about 40% of Nigeria's forex flight. Anything to retain this forex within the nation would be a welcome development at this critical times.

freshvine:
The should support the Orient Refinery in Anambra to come on stream.

They should support Innoson Motor to improve.

They should revive the Petrochemical plants at Onne.

They should do a Turn around maintenance on the Nations refineries and privatised them.

Hausas, Fulanis and their slaves downtown south has sold Nigeria into the hand of one man.

Is Dangote the only businessman in Nigeria?

everything in dis country is dangote
enriching one person in a country....WTF is wrong with CBN
I tire 4 dis country o

Jiokezee:

is like u are blind read does speech carefully u will see dat is not bubu hardword nor bubu policy

You are simply pained

Adminisher:


He will mostly get oil from offshore Nigerian crude oil and gas. People should stop being locally minded and parochial. The onshore Niger Delta may eventually have to drink their oil.
Apart from refinery, Dangote is also going to be doing the same business as Nigerian Ports Authority is doing in the area . Infact his port may come on stream first before the refinery.

Your post should have been less offensive. You don't need to attack people to drive home your points.
The link clearly tells he was constructing 550KM pipeline from N'Delta to Lagos. What could have been its purpose?
Your arguement is only speculative and on assumption.

Nice one from our own Dangote... we so much need more of this.

managermahmud:
If the refinery will fetch Nigeria $6bn, then how much will be Dangote's profit?
CBN sef, nawa 4 una o

From what I gathered, put the actual trading operation of a company aside, a lot of emphasis is placed on the "savings" that is made by not having to import raw materials for production (burden on forex) and exporting finished goods (not just local consumption), a second layer is the fact that if such goods were imported before, then they still go ahead and try to calculate the savings on foreign exchange.......it goes on and on, many of which requires an expert to explain, this is the reason why many expert will wonder why we as a nation won't snap up opprtunities right under our nose, Dangote does this repeatedly and all many bigots will see is his tribe. Pathetic.

sam90s:


From what I gathered, put the actual trading operation of a company aside, a lot of emphasis is placed on the "savings" that is made by not having to import raw materials for production (burden on forex) and exporting finished goods (not just local consumption), a second layer is the fact that if such goods were imported before, then they still go ahead and try to calculate the savings on foreign exchange.......it goes on and on, many of which requires an expert to explain, this is the reason why many expert will wonder why we as a nation won't snap up opprtunities right under our nose, Dangote does this repeatedly and all many bigots will see is his tribe. Pathetic.

I read that the project would cost N2.8Tn, I don't know if that estimation is true. I asked myself if we never had any rich Nigerian that could have invested on project like this before, either by loan or something. But as usual, we'll cry Dangote is monopolising Nigeria. Wonder if Any one has tried to invest in refinery like this and Government frustrated the plan.
Imagine how much Forex Dangote will generate. He will source for the raw materials locally, we are blessed with light and sweet oil, then he sells to us and also exports, he builds Foreign exchange reserves.

freshvine:
The should support the Orient Refinery in Anambra to come on stream.

They should support Innoson Motor to improve.

They should revive the Petrochemical plants at Onne.

They should do a Turn around maintenance on the Nations refineries and privatised them.

Hausas, Fulanis and their slaves downtown south has sold Nigeria into the hand of one man.

Is Dangote the only businessman in Nigeria?

Dont mind the CBN governor, Is Dangote the only business group in Nigeria? Lending rate by Nigerian Banks is almost 30% pa to SMEs. I simply wonder how they want SMEs that will drive this economy to survive.

Jacko01:
Very good of him but why am angry is that he could hav started this project at the winding down of obasanjo regime..... The plant would be complete by now..... Very selfish dickhead.... D oda selfish big boys wil start puttin up refineries wen they see how much he stands to make.... 9Ja is a useless country made of selfish ppl

Exactly. The band wagon mentality of Nigerians will soon weigh in on the refinery business. The low price of crude oil is also a boost to the business.

I see these oil importers like Otedola and Ifeanyi Uba building modular refineries by the time Dangote refinery makes it unprofitable to import fuel and diesel..

nworanco:

That's federal govt problem and not Dangote's.

One wonders why buharri is still holding unto these moribund refineries..

This is the best time to sell them so that the new investors can compete favourably with Dangote..

4Tees:
It's good to learn CBN is lending support to Dangote on this project. CBN should note that there are some other indigenous companies that are also contemplating similar projects including the company I work for. I work in one of the leading marginal field oil operators, and one of the things we have done to diversify our revenue base and contribute in our own little way to the growth of the nation's economy is to also diversify into refinery. CBN should carry out detailed work/investigation on this and see how support can be lent to these categories of investors as well.

What type of refinery does your compnay want to build ? Kachikwu once said $2bn can complete a new refinery while $1bn can desemble abroad and assemble locally a fairly used refinery.

One wonders why Dangote is calling $14bn.

tafrica:


I read that the project would cost N2.8Tn, I don't know if that estimation is true. I asked myself if we never had any rich Nigerian that could have invested on project like this before, either by loan or something. But as usual, we'll cry Dangote is monopolising Nigeria. Wonder if Any one has tried to invest in refinery like this and Government frustrated the plan.
Imagine how much Forex Dangote will generate. He will source for the raw materials locally, we are blessed with light and sweet oil, then he sells to us and also exports, he builds Foreign exchange reserves.

you made a lot of impressive comments here to which I just want to make a little addition. N2.8trn is (about $14bn) and Dangote is contributing 50% which is (about $7bn, half of his net worth) remember Forbes put his net worth at $14.7bn last year as Africa's richest man & Mike Adenuga at $4.2bn at a distant second in Nigeria. Now do you really believe there's another man that can cough out $7bn in Nigeria? Again ppl say there're "low key" men in Nigeria that are richer than Dangote but if their money is legit they should come out! I stand to be corrected though

ColeworldMD:
you made a lot of impressive comments here to which I just want to make a little addition. N2.8trn is (about $14bn) and Dangote is contributing 50% which is (about $7bn, half of his net worth) remember Forbes put his net worth at $14.7bn last year as Africa's richest man & Mike Adenuga at $4.2bn at a distant second in Nigeria. Now do you really believe there's another man that can cough out $7bn in Nigeria? Again ppl say there're "low key" men in Nigeria that are richer than Dangote but if their money is legit they should come out! I stand to be corrected though

I understand you, that was I added "by loan or anything" Dangote wouldn't have invested $14bn without loans. And don't forget this refinery will be one of the largest production capacities in the world if the news I read is true. The refinery refines crude oil, will also produce petrochemicals and fertilizers; this could have said a lot about the investment. I believe any interested investor could have tried it also perhaps the lower capacity ones with less investment.

tafrica:


I understand you, that was I added "by loan or anything" Dangote wouldn't have invested $14bn without loans. And don't forget this refinery will be one of the largest production capacities in the world if the news I read is true. The refinery refines crude oil, will also produce petrochemicals and fertilizers; this could have said a lot about the investment. I believe any interested investor could have tried it also perhaps the lower capacity ones with less investment.

oh yeah.. Word is the land is as big as the largest in the world but half will be built first to test waters. I see him entering top 5 in a short time. That man is truly blessed. Entrepreneurship is the most profitable career in Nigeria, can't wait to become one. May God bless us in our endeavors.

my mentor at it again. blessed man

folasky:
Mtchew! Yes dangote can gain access to foRex because it will improve Nigeria's economy but me as an ordinary Nigeria citizen cant gain access to Forex because it's presumed I won't have any value to the economy. I am a student in UK stranded with cash for my welfare due to this useless policy. It is still a government of the few (oligarchy) we run in Nigeria. I and many Nigerians either students or business people are left stranded by this policy. Others that need foRex for there businesses are finding it difficult to get foRex. If at all u get it.it is at a highly inflated rate. This policy is evil in itself, business are collapsing by the day, people are losing jobs , hunger on the rise. But now dangote is exempted from this shit. This is the height of insensitivity from this government.

what are you wailing about. a good business is that that export and earn its profit from outside which brings forex. not this useless importation and by the way in what way your education is going to solve Nigeria problem or you are going to stick your arsee down there

managermahmud:
If the refinery will fetch Nigeria $6bn, then how much will be Dangote's profit?
CBN sef, nawa 4 una o

Think na oga. We spend Naira in Nigeria and the refinery is here. If Dangote exports he gets paid in dolllars which he is obliged to exchange at the CBN.

That's why indigenous inuestors such as Dangote are more valuable to us than even multinationals such as Shell or MTN because though Shell earns us a hefty sum in forex, they also consume a lot regularly in profits, wages, etc. Whereas once Dangote sets up his refinery and repays his loans it is hoped it will be something close to 95% onshore with a very positive forex inflow.

The worst to me are multinationals in engineering and construction. They barely invest, collect money upfront as mobilisation (almost always having a dollar invoice component for imports) and still remitt a good chunk of cash in forex for salaries, dividends, etc. The likes of Julius Berger are draining our life blood for nothing.

400billionman:


What type of refinery does your compnay want to build ? Kachikwu once said $2bn can complete a new refinery while $1bn can desemble abroad and assemble locally a fairly used refinery.

One wonders why Dangote is calling $14bn.

Refinery and petrochemical plant my man and the figures are massive. In one fell swoop he is more than doubling our current 'installed' refining capacity but you will notice that one aspect of the petrochemical plant starts first. This is typical Dangote. He went for solid products first, an area of less ambiguity, less politics and more stability. He can command and control the price of plastics. He cannot command and control the price of petrol. I am sure the refinery was just a politically correct decision at worst and a roulette table at best. It may not make him money but it will make him friends.

With the support and help of CBN, Dangote will soon own Nigeria.

georjay:



http://www.punchng.com/dangote-refineryll-fetch-6bn-forex-yearly-cbn/

what a stupid Nation,what the Nigerian Nation cannot achieve,A MAN in the name of DANGOTE will be achieving it. Who is fooling who? Shame on whoever has contributed to Nigerian's Failure,SHAME TO OUR LEADERS

freshvine:
The should support the Orient Refinery in Anambra to come on stream.

They should support Innoson Motor to improve.

They should revive the Petrochemical plants at Onne.

They should do a Turn around maintenance on the Nations refineries and privatised them.

Hausas, Fulanis and their slaves downtown south has sold Nigeria into the hand of one man.

Is Dangote the only businessman in Nigeria?

others are busy importing. while orient no get mouth. unions will not allow privatisation. honestly innoson is a terrible marketer. one advert of motor I never see. except big bus and nobody is buying those