• Latest
  • Trending
I Feel Ashamed That A Country As Big As Nigeria Is Importing Petrol–Dangote

I Feel Ashamed That A Country As Big As Nigeria Is Importing Petrol–Dangote

September 2, 2021
NSITF FRAUD: Shock as MD says termites ate N17bn payment vouchers in office

NSITF FRAUD: Shock as MD says termites ate N17bn payment vouchers in office

August 15, 2022
NSITF FRAUD: Shock as MD says termites ate N17bn payment vouchers in office

NSITF FRAUD: Shock as MD says termites ate N17bn payment vouchers in office

August 15, 2022
Atiku Paints Gloomy Picture of Nigeria

Atiku Paints Gloomy Picture of Nigeria

August 15, 2022
Ayu Must Go’: Rivers Governor Wike’s Camp Insists on Choosing Successor for PDP Chairman

Ayu Must Go’: Rivers Governor Wike’s Camp Insists on Choosing Successor for PDP Chairman

August 15, 2022
Fake News: Ghanaian President Denies Endorsing Obi’s Candidature

Fake News: Ghanaian President Denies Endorsing Obi’s Candidature

August 15, 2022
You Are A Good Man, I Fought You Because Of Politics – Oshiomhole Admits To Jonathan

You Are A Good Man, I Fought You Because Of Politics – Oshiomhole Admits To Jonathan

August 14, 2022
Stop Insulting Elders On Social Media – Senator Orji Kalu Tells Youths

Stop Insulting Elders On Social Media – Senator Orji Kalu Tells Youths

August 14, 2022
Shun ‘bread and butter’ politicians, Jonathan tells Nigerians

Shun ‘bread and butter’ politicians, Jonathan tells Nigerians

August 14, 2022
I Sued Atiku To Court, Not Gov Wike – Ndukwe Blinks

I Sued Atiku To Court, Not Gov Wike – Ndukwe Blinks

August 14, 2022
2023: Peter Obi Represents Biafra, No Vote For Him – Miyetti Allah

2023: Peter Obi Represents Biafra, No Vote For Him – Miyetti Allah

August 14, 2022
Boko Haram Members Beg For Forgiveness In Borno After Several Attacks

Boko Haram Members Beg For Forgiveness In Borno After Several Attacks

August 14, 2022
Nigerian Workers, NLC Demand 50% Salary Increase Over Biting Inflation

Nigerian Workers, NLC Demand 50% Salary Increase Over Biting Inflation

August 14, 2022
ADVERTISEMENT
  • Contact
  • Africa
  • Coronavirus
  • Documentaries
  • Local news
  • News
Monday, August 15, 2022
22 °c
Abuja
Tue
Wed
Thu
Fri
  • Login
Observer Times
  • Home
  • Politics
  • Business
  • Nation
  • Opinion
  • Crime
  • Entertainment
  • Inside Story
  • Sports
  • Tech
  • World
No Result
View All Result
  • Home
  • Politics
  • Business
  • Nation
  • Opinion
  • Crime
  • Entertainment
  • Inside Story
  • Sports
  • Tech
  • World
No Result
View All Result
Observers Times
No Result
View All Result
Home Business

I Feel Ashamed That A Country As Big As Nigeria Is Importing Petrol–Dangote

admin by admin
September 2, 2021
in Business
0
I Feel Ashamed That A Country As Big As Nigeria Is Importing Petrol–Dangote
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Africa’s richest man and the Chairman of Dangote Group, Aliko Dangote, has said that the country cannot sit on crude oil while it imports virtually all of its fuel.

The Kano-born businessman revealed that the shame of not having a working refinery in Nigeria, despite huge crude oil deposit inspired him into building the Dangote Refinery in Lagos which has gulped $19bn.

RELATED POSTS

DBN Photo story: DBN MD, Tony Okoanachi Meet Dr. Jumoke Oduwole, SA to the President on ease of doing business.

Breaking: DBN announce its sponsorship of the prestigious AFSIC – Investing in Africa 2022.

Trending
Catholics Slam Lalong, Demand Apology Over Pope Comment

The refinery which has been an issue of debate is a 650,000 barrel-per-day capacity refinery.

Nigeria, the continents largest oil crude oil exporter imports almost every of its fuel due to the squalid state of its moribund refineries.

Dangote told Arise Tv that, “What actually inspired me is that when you look at a country like India, where entrepreneurs and also government went ahead and created about 5 million barrels of oil refinery per day and this is a country that they actually don’t have oil at all and we are here now sitting on over 2.4 million barrels per day at a point and we don’t refine any of this oil.”

The refinery which is 6,000 times the size of a football field is projected to commence operation by January 2021.

Worth $12.1bn according to Forbes, Dangote said he hopes to restore the dignity of the Nigerian oil and gas industry.

Nigeria has the tenth largest oil reserves, but its moribund refineries are currently undergoing renovation.

He said, “Where you have a country with over 200 million, and we are importing 100 per cent of what we consume, it is not sustainable. If you go to a lot of areas maybe my village or your village you will see that petrol stations are not working.

“So, we now realised that the petroleum product that we have is ‘hand to mouth’; whatever that we have is what we are consuming. So this actually pushed me into saying that look you know what? This is a big challenge, it is a big issue, somebody has to address it and we will take the challenge of addressing this issue.

“It makes me feel terrible to see a country as big as Nigeria, as resourceful as Nigeria and this sort of population that we have 200 million plus and we are importing all our petroleum products. It is very very painful.”

Dangote however believes that the project will provide millions of direct and indirect employment in the country when completed.

“Government will have more money in terms of education, health and in terms of infrastructure, So, it is going to be a massive transformational stuff,” he added.

Related

SendShareTweetSend
ADVERTISEMENT
admin

admin

Related Posts

DBN Photo story:  DBN MD, Tony Okoanachi Meet Dr. Jumoke Oduwole, SA to the President on ease of doing business.

DBN Photo story: DBN MD, Tony Okoanachi Meet Dr. Jumoke Oduwole, SA to the President on ease of doing business.

by admin
August 6, 2022
0

As part of our continued efforts to driving meaningful collaborations aimed at promoting growth across the MSME ecosystem in Nigeria,...

Breaking: DBN announce its sponsorship of the prestigious AFSIC – Investing in Africa 2022.

Breaking: DBN announce its sponsorship of the prestigious AFSIC – Investing in Africa 2022.

by admin
August 4, 2022
0

The Development Bank of Nigeria PLC is delighted to announce its sponsorship of the prestigious AFSIC - Investing in Africa...

FCCPC: It’s illegal to disconnect electricity without 10 days notice

FCCPC: It’s illegal to disconnect electricity without 10 days notice

by admin
August 4, 2022
0

The Federal Competition and Consumer Protection Commission (FCCPC) says it is illegal to disconnect a consumer from the source of...

Nigerians to pay more for data, phone calls as Buhari’s government announces tax increment to 12.5%

Nigerians to pay more for data, phone calls as Buhari’s government announces tax increment to 12.5%

by admin
July 31, 2022
0

Nigerians will soon start paying more for data, phone calls, and others as federal government under President Muhammadu Buhari has...

Blame NNPC for free fall of naira against dollar, Emefiele’s CBN tells Nigerians

Blame NNPC for free fall of naira against dollar, Emefiele’s CBN tells Nigerians

by admin
July 31, 2022
0

The Central Bank of Nigeria under the leadership of Godwin Emefiele has asked Nigerians to blame the Nigeria National Petroleum...

Next Post
IPOB Has Amassed Weapons, Bombs – Presidency.

IPOB Has Amassed Weapons, Bombs – Presidency.

BREAKING: Court Sacks Mai Buni As APC Acting National Chairman –

BREAKING: Court Sacks Mai Buni As APC Acting National Chairman –

RECOMMENDED

NSITF FRAUD: Shock as MD says termites ate N17bn payment vouchers in office

NSITF FRAUD: Shock as MD says termites ate N17bn payment vouchers in office

August 15, 2022
NSITF FRAUD: Shock as MD says termites ate N17bn payment vouchers in office

NSITF FRAUD: Shock as MD says termites ate N17bn payment vouchers in office

August 15, 2022
  • 651 Followers

MOST VIEWED

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
Observers Times News

We bring you the best reportage that is perfect for credible news in politics, business, sports, entertainment and many more...

CATEGORY

  • Africa
  • Apps
  • Business
  • Coronavirus
  • Crime
  • Documentaries
  • Education
  • Entertainment
  • Fashion
  • Featured
  • Food
  • Gadget
  • Gaming
  • Health
  • Inside Story
  • Jobs
  • Judiciary
  • Latest
  • Life style
  • Lifestyle
  • Local news
  • Mobile
  • Movie
  • Music
  • Nation
  • News
  • Opinion
  • Politics
  • Politics1
  • Research
  • Review
  • Science
  • Sports
  • Startup
  • Stories
  • Tech
  • Travel
  • Uncategorized
  • USA
  • World
September 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« Aug   Oct »
  • Contact
  • Africa
  • Coronavirus
  • Documentaries
  • Local news
  • News

© 2021 Observers Times - (c) 2021 All Rights Reserved.

No Result
View All Result
  • Home
  • Politics
  • Nation
  • Crime
  • Inside Story
  • Opinion
  • Entertainment
  • Sports
  • Contact

© 2021 Observers Times - (c) 2021 All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In