Akinwumi Adesina, president of the African Development Bank (AfDB), has described the Dangote Refinery and Petrochemical Plant projects as a “game-changing initiative” that will spur development and deepen regional integration.
Adesina said this after touring the $19.5 billion Nigerian greenfields crude oil refinery and petrochemical production plant owned by Dangote Industries Limited on Saturday.
In 2014, AfDB’s board had approved a $300 million loan to Dangote Industries Limited to support the construction and operation of the greenfield crude oil refinery and the greenfield fertilizer manufacturing plant.
“The Dangote Group is an “Africa growth accelerator… I am completely blown away by the magnitude of what I see here,” a statement from the AfDB Group quoted Adesina as saying.
“This is a world-class industrial complex that will make Nigeria and Africa proud. We at the African Development Bank are proud of this project.
“Every African country needs to have an Aliko Dangote to help the continent industrialise.
“Dangote’s success demonstrates that governments should prioritise industrialisation. We must continue to support the private sector, considering the value they bring.”
Adesina further noted that the African private sector was pivotal to the execution of the African Continental Free Trade Area.
On his part, Aliko Dangote, group president and chief executive, said the refinery is the world’s largest single-train petroleum refinery, with a capacity to process 650,000 barrels of crude oil per day.
“We appreciate the support of the Nigerian government, our lenders, and development finance institutions like the African Development Bank, without whom we would not have come this far. We have enjoyed a good working relationship with the bank, and this visit further encourages us,” Dangote said.
Adesina said AfDB would continue to work with the Dangote Group to do more for Africa. He said the bank’s industrialisation strategy included identifying and backing “African regional champions” like the Dangote Group.
He added that the African Bank was willing to assist the Dangote Group in such areas as agriculture — including rice and dairy products — as well as cement expansion into other countries.
Adesina and Dangote discussed the potential of collaboration between AfDB and Dangote Industries Limited to expand the business to other African countries.
Also present at the plant site were Femi Otedola, a Nigerian businessman and philanthropist; Solomon Adegbie-Quaynor, vice-president for the private sector, infrastructure, and industrialisation; Lamin Barrow, the bank’s director-general for its Nigeria country office, and Banji Oyelaran-Oyeyinka, special adviser to the president on industrialisation.
