Business

Dangote Refinery Awards $368m Contracts to Local Contractors

  • Dangote Refinery Awards $368m Contracts to Local Contractors

Dangote Industries Limited says it has so far awarded $368m worth of contracts to 120 local contractors for its refinery and petrochemical project as part of its contribution to the Nigerian content development initiative.

The Group Executive Director, Strategy, Portfolio Development and Capital Projects, DIL, Mr Devakumar Edwin, disclosed this during a tour of the Dangote refinery by members of the Nigerian Union of Journalists and the Nigeria Institute of Public Relations, according to a statement on Monday.

Edwin noted that the refinery would lead to significant skills transfer and technology acquisition opportunities in the country.

He said the group had embarked on a landmark integrated refinery and petrochemical project, regarded as the largest industrial complex in the history of Africa.

According to him, the company is already partnering with the Lagos State government and Siemens in the skills development of the local community for employment at the construction site.

Edwin said, “We have already trained and employed 250 artisans. The company has completed the overseas training of the first and second batches of Nigerian engineers. The third batch left for Indian classroom training for one month, on-the-job training for one year and working in real time with experts in the industry every day.”

He said the company had employed 3,580 Nigerian personnel on site, adding, “this excludes employment by the various contractors and subcontractors at the site.”

Edwin said the company, in partnership with the Nigerian Content Development and Monitoring Board and the National Directorate of Employment, kicked off a training programme for 200 youths in its host communities, as part of its corporate social responsibility initiatives.

Speaking on the progress made so far on the refinery project, he said the company had imported the world’s largest reactor regenerator as well as a crude column, which is equivalent to 30-storied building weighing about 100 fully loaded trucks.

He said the Dangote refinery could meet Nigeria’s requirement of all liquid products, such as petrol, diesel, kerosene and aviation fuel, and would have a surplus of each of the products for export.

According to him, the refinery will ensure that the security of local supply of petroleum products is guaranteed as well as the availability of petrochemical feedstock (poly-propylene and polyethylene ), which will be enough for the Nigerian market as well as the neighbouring countries.

Edwin said the refinery would also reposition Nigeria as an attractive investment destination and a major industrial hub in Africa.

He noted that the 650,000 barrels-per-day refinery had been designed to process a variety of light and medium grades of crude and produce extremely clean fuels that meet Euro V specification.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

Centralise Regulation for our Industry, E-hailing Drivers Urges FG

In a bid to bolster the interest of drivers in the country, E-hailing drivers, under…

3 days ago

Felicia Obozuwa Takes on Key Role as FCMB Executive Director, Corporate Services

First City Monument Bank (FCMB) has announced the appointment of Felicia Obozuwa as its Executive…

3 days ago

Equities Market Sheds N931 Billion as 40 Stocks Decline in Another Bearish Session

The Nigerian equities market extended its losing streak for the fourth consecutive session Wednesday with…

3 days ago

70 Million Poorest of The Poor Nigerians To Get N75,000 From FG

Notwithstanding that the Federal Government's efforts to distribute cash to poor Nigerians have failed in…

4 days ago

Dollar to Naira Exchange Rate Today, January 16th, 2025: Black Market vs CBN Rates

The Dollar to Naira exchange rate remains a critical indicator of Nigeria’s economic landscape, reflecting…

4 days ago

Over N60.5bn Alleged Fraud: More Trouble For Impeached Lagos Speaker Over Imminent Arrest By EFCC

Stakeholders and political gladiators in Lagos State have called on the Economic and Financial Crimes…

4 days ago