Refinery, petrochemical projects will boost economy –Ambode


Osinbajo has said that the ongoing gas project of the Dangote Group as part of the huge refinery and petrochemical complex being developed at the Lekki Free Zone would stabilize the power needs of the country when completed.

In the same vein, Lagos State Governor Akinwunmi Ambode stated that the massive investment would boost the nation’s economy.

Vice President Osinbajo and Governor Ambode both spoke yesterday shortly after an extensive inspection tour of the projects by the Number 2 Citizen of the country.

Osinbajo who was accompanied by some members of the Federal Executive Council, said the projects would have great multiplier effects on the nation’s economy.

In company of the Vice President on the inspection were the Ministers for Finance, Kemi Adeosun;; Solid Minerals, Dr. Kayode Fayemi and Power, Works and Housing, Mr. Babatunde Fashola and Industry, Trade and Investment, Mr. Okechukwu Enelamah. Osinbajo said the gas project upon completion has the capacity to produce about three billion cubic feet of gas daily, which would permanently address the two billion cubic feet daily gas required to power the country.

“This is incredible if that can be done because it would be a major strategic asset for Nigeria. It would boost our power supply tremendously,” the Vice President said.

Osinbajo said the project as a whole is an incredible industrial undertaken being the largest and the most ambitious in Africa.

In his address, Governor Ambode said: “Firstly, there is a refinery project that is ongoing, second there is a petrochemical project that is also ongoing.

There is pipeline transfer project that brings gas from Bonny down to Olokonla and down to Lekki and then the fourth one is the fertilizer project all in one location.”

He said the projects would also be critical to the economic growth of the Lagos East and West Senatorial Districts, which according to him, will be open to massive investment opportunities on completion.

Governor Ambode said the decision of the Vice President to lead the inspection visit to the projects was a signpost to the benefits inherent not just for the state but the nation. He assured that his administration would provide the necessary support to ensure that the projects are completed within schedule.

“The coming of the Vice President to inspect this project is instructive and a sign post that the Federal Government is in support of what is going on us and the truth is this, we might not be able to show you all that is going on here but in another few weeks, we will do an aerial view of this project and also do a documentary because for the very first time we are going to have a petrochemical project that is coming on stream by December 2017; a refinery that is  coming on stream by the first quarter of 2019 and also the gas project that is coming on stream by 2018. You can just imagine or visualize what that means to the economy of Lagos,” Ambode said.

He added that apart from the 135,000 direct jobs that would be created from the projects, another 100,000 indirect jobs would be generated while income accruable to the Federal Government would be in the region of over $500million in three years.

“It is important that we understand the depth of what has happened here and also use it as a platform to encourage other investors that Lagos is on the rise and the future of Lagos is very bright,” he said.

On his part, Alhaji Dangote said the decision to site the projects in Lagos was due to the investment friendly climate in the state. He said the gas pipeline project on completion would guarantee uninterrupted power supply in Lagos, which he said would also positively increase the state’s gross domestic product (GDP).