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Dangote Refinery beneficial to economy, will generate foreign exchange — Obi

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Mr. Peter Obi, Labour Party presidential candidate, has said the Dangote Refinery and Petrochemicals will be beneficial to the country’s economy, as it would generate foreign exchange.

President Muhammadu Buhari inaugurated the refinery in Lagos State on Monday.

Reacting to the project on his Twitter handle, Obi, who is a former Anambra State governor, said the world-class project would be “very beneficial to Nigeria’s economy”.

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According to him, the refinery with a capacity of 650,000 barrels of crude oil per day when operated maximally, is expected to meet Nigeria’s domestic demand for petroleum products and help Nigeria to save the much-needed foreign exchange currently spent on the importation of such products.

He wrote, “By supplying the surplus to the International markets, Nigeria will reposition itself as a key player in the downstream petroleum sector of the global market. In moving Nigeria from consumption to production,

“I have always argued for greater private sector participation in the economy as exemplified by the Dangote Group. I believe the Dangote Refinery will be very beneficial to the nation’s economy.

“By moving Nigeria from a net importer to a net exporter of petroleum products, this refinery will create numerous jobs and generate needed foreign exchange inflow.

“This refinery is another milestone towards the New Nigeria, to which I am committed. That new nation will be an enabling environment for a booming private sector that will see the rise of many micro, small and medium-scale businesses that will boost the nation’s economy and foster increased productivity among our people,”

 

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