ECONOMY: Dangote group pledges early completion of refinery, others

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Dangote

Dangote Group has said that its current focus is to increase the pace of the development of its multi-billion dollar new businesses to meet completion timelines.

Dangote group in a statement added that efforts were being made to put in place, infrastructure for business projects including refinery, gas, fertilizer and rice production.

The Group’s Executive Director for Strategy, Portfolio Development and Special Project, Mr. Devakumar Edwin, was quoted to have told international business cable television channel, CNBC over the weekend in Lagos that the company was out to ensure the businesses came on stream as planned.

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According to Edwin, a few of the new businesses has been redesigned for increased capacity, adding that inflation, exchange rate and increased bank interest rate notwithstanding, the management plans to bring all the businesses on stream as earlier planned.

Edwin said the Dangote Group business models were developed to be one of the biggest if not the biggest in the world and that new technologies employed by the company gave it advantage over others.

He said, “We are building 650,000 barrels per day oil refinery which will be the largest in the world, and our planned rice production would also be the largest in the world.

“We do all these because we believe in Nigeria, we believe in her potential and we believe in her economy. We draw our business model with exportation in mind. We believe Nigeria can be self-sufficient and even produce for foreign market.”

He said that with the country’s large population and the population of many other African countries, the group’s target was exportation.

“That is why we build all our business models with exportation in mind. We had to review the capacity of our planned refinery and increase it. We have never hesitated to have big plants and that is why we deploy latest technologies in their set-up,” he said.

 


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