Aliko DangoteThe multi-billion dollar Dangote refinery is expected to push the Nigerian economy to $484.15 billion in the next six years if left to function optimally, a new report by Analysts Data Services and Resources (ADSR) Limited has shown.
“Without Dangote Refinery, Nigeria’s GDP growth will be expected to be 3.34% in 2024 and rise to 4.
13% in 2030 but with Dangote Refinery, it is projected to record 4.15% in 2024 and rise to 6.
21% in 2030,” said Afolabi Olowookere, MD and chief economist at ADSR.
“With reduced imports and the potential for export of surplus refined products from the Dangote refinery, Nigeria’s trade balance is expected to improve.
Olayemi Cardoso, the governor of Nigeria’s central bank also said recently that lifting petroleum products from the Dangote refinery will ease the pressure on the economy and reduce the demands for FX.
It also added that battling with crude oil locally to boost production would reduce investors’ confidence and may dampen the projection of the refinery growing Nigeria’s struggling economy.
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