October 12, 2024 | 10:30 AM ET |
Lagos: The Prime Minister of Grenada, Dickon Mitchell, has described the Dangote Petroleum Refinery and Petrochemicals as a significant investment in industrialisation and manufacturing needed by developing countries for their industrial growth.
He noted that it is through this type of investment that Africa and the developing countries can reverse the cycle of exporting raw materials while importing finished products from developed countries.
Mitchell, who is the chairman of the Caribbean Community (CARICOM or CC), a political and economic union of 15 member states and five associated members throughout the Americas, the Caribbean, and the Atlantic Ocean, disclosed this on Thursday during his tour of the Dangote Petroleum Refinery and Petrochemicals Complex in Ibeju Lekki, Lagos.
He said the investment is a tribute to the President of Dangote Group, Aliko Dangote, and his vision not just for Nigeria but Africa as a whole.
“This investment is a tribute to Dangote and his remarkable vision. It is the first of its kind in Nigeria and Africa, symbolising what the developing world needs: significant investment in industrialisation and manufacturing. This is an incredible achievement and a testament to Mr. Dangote’s vision, not just for his company, but for Nigeria and Africa as a whole.
The Grenada PM stated that the Caribbean Community would be exploring partnership opportunities with the Dangote Group to enhance its economy.
“One of the reasons I am here is to pursue synergies and partnerships between the diaspora and Africa, particularly in areas such as the refinery, cement, and fertiliser. We believe there are fantastic opportunities to develop partnerships between the Caribbean and Africa,” he added.
Aliko Dangote on his part described the visit as symbolic, noting that many Caribbean countries are starting to discover crude oil and also exploring opportunities to build their own refineries.
According to the business tycoon, the development would help the countries address the challenge of exporting crude while importing refined petroleum products at high costs.
“The visit shows that many countries are proud of what we have been able to achieve because a lot of countries have been unable to deliver their refineries. It shows their pride in seeing a Black person like them at the Caribbean, although I am from Nigeria, succeed,” Dangote said.
“For them, this is a dream, especially as many Caribbean countries are beginning to discover oil but still depend largely on exporting crude while importing petroleum products, which is costlier than in America. Their dream is to set up a refinery—perhaps not of this size—but one that would cater to their people.
“There are numerous partnerships in place. He is not only the Prime Minister of Grenada but also the Chairman of the Caribbean Community (CARICOM).
“We are exploring collaboration in areas such as cement and petroleum, including the possibility of buying crude from them while selling some of our petroleum products to them. We already export to the U.S., Mexico, and other regions, so there is significant collaboration we are looking to develop between us and them.”
The 650,000bpd Dangote refinery project in Nigeria is Africa’s biggest refinery project to date (Credit: MAN)
The 650,000 barrels per day (bpd) Dangote Oil Refinery—the largest single-train refinery in the world—is designed to process a wide variety of crude oils, including those from Africa, the Middle East, and US Light Tight Oil. It conforms to Euro V specifications and is built to meet stringent standards set by the US Environmental Protection Agency (EPA), European emission norms, the Department of Petroleum Resources (DPR), and the African Refiners and Distributors Association (ARDA). The refinery has the capacity to satisfy 100% of Nigeria’s demand for petrol, diesel, kerosene, and aviation jet fuel, with additional surplus available for export.
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