Targets $10 billion foreign exchange in 2017

Aliko Dangote, President and Chief Executive of the Dangote Group, one of Nigeria most diversified conglomerates while addressing the media in Lagos, assured that with the $9 billion Dangote oil refinery under construction in Lagos, expected to begin production in 2017, the group could rake up to $10 billion in foreign exchange from exporting cement and petroleum products.

“38 per cent of forex is spent on importing petroleum products, our export would translate to $10 billion in revenue. By 2017 we (Dangote Group) would not go near CBN for forex.”

The construction of the Lagos-based petroleum products refinery whose capacity has so far been increased is almost ready for production. he added that the plant initially had capacity to refine 400,000 barrels of crude per day, before it was increased to 500,000bpd; before the latest upgrade to 650,000bpd. The refinery can satisfy 100 per cent of the nation’s demand and still leave some for export.

Still on the CBN directive, he agreed on the need for Nigerians to patronise locally made goods, “As we patronise locally made products, they would keep improving,”

Some of the products affected by the CBN directive to banks and Bureaux de Change operators include Rice, cement, margarine, palm kernel/palm oil products/vegetable oil, meat and processed meat products, vegetable and processed vegetable products, poultry –chicken, eggs, turkey; and private airplanes/jets, among others.

watch Aliko Dangote expansion plan