By: Economic & Finance Report
Energy is big business in Nigeria and in Africa in general. Billionaire Aliko Dangote, Africa’s richest man has invested $2 billion dollars in Nigeria’s oil refinery. It is Nigeria’s petrochemical and fertiliser plant. He has already invested $9 billion dollars in the refinery adding the recent $2 billion recently. This project has been noted by energy analysts as galvanizing and revolutionizing the energy sector in Nigeria.
Nigeria’s refineries have had problems for decades, not being able to output oil to its full capacity, being unmanageable and the high rate of oil robberies and theft.
Nigeria’s economy continues to expand and diversify especially within the past decade but the country is still relying on oil as it’s main producer… Nigeria’s is Africa #1 oil producer… Nigeria oil accounts for 90 percent of export earnings and 70 percent from its national GDP earnings.
Mr. Dangote and his Dangote Group investing $2 billion in the oil refinery will position Nigeria to broaden its spectrum in the energy sector within and help ease the necessity of energy from being imported..