The long awaited revitalization of Petrochemical Industry in Nigeria ìs set to come alive, as Dangote Industry comes to the country’s rescue with the construction of $2bn petrochemical plant.
This plant sited in Lagos is designed to produce 77 different high-performance grades of polypropylene in the country which will definitely stimulate local manufacturing of pharmaceutical products, plastic manufacturing industry and other allied products.
Dangote Industry said in statement recently that the company with a turnover of $1.2bn and the plant situated alongside the Dangote Refinery, had been strategically positioned to cater to the demands of the growing plastic processing downstream industries in Africa and other parts of the world.
Mr. Devakumar Edwin, Group Executive Director, Strategy, Capital Projects and Portfolio Development Industries Limited, stated that the plant would drive investment in the downstream industry, generate huge value addition, create jobs, increase tax revenues, reduce foreign exchange outflow and increase the Gross Domestic Product of the country.
The Group Executive Director also stated that the petrochemical plant would reduce the demand for foreign exchange from the nation’s treasury to import petrochemical by-products.
His words; “We are thinking of adding polyethylene products at a later stage. We have 77 types of polypropylene, which can go for different uses that we can produce from our petrochemical plant.”
Mr Edwin added that raw materials from polypropylene as of now were imported into the country.
Economic observers stated that Dangote’s Industry advent into petroleum refinery and allied petrochemical industry will not only grow the Nation’s gross domestic products but will also boost the economic development of the country and boost job creation in Nigeria.