The Nigeria Employers\u201d Consultative Association (NECA) said the planned inauguration of Dangote Refinery was a succour to a nation in dire need of industrial renaissance.<\/p>\n\n\n\n
The Director-General, Mr Adewale-Smatt Oyerinde, made this known in a statement on Thursday in Lagos.<\/p>\n\n\n\n
\u201cWith the petroleum refinery and petrochemical plant as well as the fertilizer plant housed in Nigeria, it invariably implies that there would be no more importation of petroleum products.<\/p>\n\n\n\n
\u201cRather, there will be export of finished products, availability of petroleum products, thus, putting an end to long queues and scarcity of petroleum products.<\/p>\n\n\n\n
\u201cA significant plus of this feat will be the attraction of foreign capital investments that the country desperately needs, \u201c he said.<\/p>\n\n\n\n
The NECA boss said also, that the multiplier effect of its target 135,000 direct and indirect jobs for Nigerians and displacement of plastics imports in the fiscal space were a part of the economic springboard the refinery brought to the Nigerian economy.<\/p>\n\n\n\n
He said, in addition, that it would lead to skills transfer and technology acquisition opportunities with beneficial impacts on the downstream sector.<\/p>\n\n\n\n
\u201cThis refinery in a sum, is one edifice that will turbo-charge the engine of the Nigerian economy.<\/p>\n\n\n\n
\u201cIt will also unstrap the strings holding the development of the economy and wade off external and domestic headwinds against efficacies of fiscal and monetary instruments, \u201c he said.<\/p>\n\n\n\n
Oyerinde said also that the refinery, 100 per cent of Nigeria\u2019s consumption of all liquid products and 60 per cent of the production capacity could meet the entire consumption needs of the country.<\/p>\n\n\n\n
He said that the other 40 per cent would be exported, generating a huge amount of foreign exchange.<\/p>\n\n\n\n
According to him, this in no small measure, will impact positively on the country\u2019s balance of payment.<\/p>\n\n\n\n
\u201cWe call on government and other stakeholders to pay more attention to creating an enabling environment for organised businesses to thrive so that we have more private sector investment to reengineer the nation\u2019s economy, \u201c Oyerinde said.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"
The Nigeria Employers\u201d Consultative Association (NECA) said the planned inauguration of Dangote Refinery was a succour to a nation in dire need of industrial renaissance. The Director-General, Mr Adewale-Smatt Oyerinde, made this known in a statement on Thursday in Lagos. \u201cWith the petroleum refinery and petrochemical plant as well as the fertilizer plant housed in […]<\/p>\n","protected":false},"author":2,"featured_media":26673,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1366,949,908],"tags":[138,291],"class_list":["post-50409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","category-oil-gas","tag-dangote","tag-refinery","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n