When fully operational, the $18.5 billion ultramodern refinery is designed to process not only the Bonny Light grade of crude oil, but also a wide variety of
Job creation is another area where Nigeria will benefit immensely from this refinery project. According to Dangote, about 33,000 employees are already working at the facility, while the CBN governor projects that it will provide over 135,000 permanent jobs for Nigeria. Numerous other indirect jobs will also be created by ancillary firms servicing the refinery.
The project will expectedly avail Nigeria significant savings both in terms of foreign exchange and in easing the fiscal burden on the federal government. With nearly $30 billion foreign exchange savings from the reduction in petroleum imports, the economy is projected to benefit an extra $10 billion of foreign exchange inflow annually through the export of refined petroleum products.
As a newspaper, we are relieved and saddened in equal measure.
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