Business

Dangote’s Refinery has the potential of saving Nigeria from economic downturn -IMF

The biggest financial body, International Monetary Fund, IMF, has projected that Dangote’s refinery can salvage Nigeria from an economic downturn when it begins operations by 2022.

During its latest report, the international financial body opines that the refinery of the richest man in Africa can help improve the country’s economic state.

According to the report, Dangote’s refinery is “the potential to catalyze domestic crude oil production and boost GDP growth.”

The IMF made this announcement in its article V, released on Monday, detailing Nigeria’s economy.

Part of the article reads, “On the upside, the Dangote refinery if commencing production in 2022 as planned, could meet the full demand for domestic consumption of refined petroleum products – which are almost all imported at present – thereby improving the CA balance.

“With crude oil for local refining not subject to the OPEC quota, the refinery also has the potential to catalyze domestic crude oil production and boost GDP growth.”

Aside from the IMF, many experts have also predicted that Dangote’s refinery, which would cost an estimate of $15 billion to complete, would save Nigeria huge losses from foreign exchange in importing oil.

Dangote’s 650,000 capacity refinery is argued to be one of the world’s largest refinery. It’s projected to help Nigeria end its importation of oil, costing the country about $7 billion yearly and also export to neighboring countries.

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