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Nigeria business man and Forbes richest man in Africa, Alhaji Aliko Dangote is poised to firmly establish himself in the downstream sector of the petroleum industry with the construction of an $8billion refinery in Ondo State. Barring any unforeseen circumstance, work on the refinery will commence later this year.
We are told that the Governor of Edo state Governor Adams Oshiomhole did all that was humanly possible to attract the refinery to his state. Other oil producing states' governors were said to have also lobbied the businessman to locate the refinery in their states but Dangote settled for Ondo State because of the relative peace in the State compared to the other states.
Dividend of a peaceful state abi...
It would be recalled that the Federal government had in 2011, granted approval to 19 multinationals for the setting up of private refineries in the country, but none of them has come on stream due largely to the regulations of the price of fuel in the country.
Speaking at a breakfast meeting with some senior editors to mark his 57th birthday in Lagos, Alhaji Dangote said work will start on the refinery once his company secured the final approval from the Federal government.
While acknowledging the fact that only a mad businessman would consider establishing a refinery in Nigeria under the present uncertain business terrain of subsidizing the downstream sector of the petroleum industry, Dangote pleaded with the government to allow market forces to determine the price of fuel to allow the private sector play a significant role in the industry.
Alhaji Dangote also urged the Federal government to put in place critical infrastructure in all sectors of the economy to kick start its rapid development.
He said that with the country's population expected to hit 200 million by 2015, there were no serious plans to take care of the huge population.
He also called on the government to diversify the economy by intensifying reforms in agriculture.
Culled from ionigeria.com
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