Nov 28 (Lagos) - In an interview with the Financial Times, Chairman of Dangote Group announced intentions to publicly list the subsidiary of the Group, Dangote Petroleum Refinery on the Nigerian Exchange Limited.
The value of the refinery is around US$ 20 billion. The refinery is expected to help Nigeria generate forex inflows as the nation currently spends a huge amount in importing refined petroleum products. Nigeria does not have a working crude oil refinery and this project is likely to transform the economy of the Country in the coming years.
Some people have their doubts as they claim that since the refinery is based inside a free zone, technically is falls outside the borders of Nigeria and may not bring as much benefit to the Country as expected and is likely to benefit the Dangote Group in reality. Some of those fears will be mitigated with this public listing which will give an opportunity to the Nigerian public to own a part of the refinery. Nigerian government is said to own 20% of the massive project.
Hopefully once this refinery is working at its capacity, fuel shortages in Nigeria will become a thing of the past.
reporting for easykobo.com on Tuesday, Nov 28 2023 from Lagos, Nigeria
reporting for easykobo.com on Tuesday, Nov 28 2023 from Lagos, Nigeria