Dangote Refinery Projected to cost $11 Billion

 

April 30, 2015 – Lagos State Government has said that the proposed 650,000 bpd Dangote Refinery Complex and Fertilizer Plant in the Lekki Free Trade Zone(LFTZ) is projected to cost $11 billion.

Commissioner for Commerce and Industry, Mrs. Olusola  Senapon Oworu made the revelation at the annual ministerial press briefing in Lagos.

“As we speak, tremendous  construction work is ongoing on the Dangote site”, she said, adding that project is envisaged to create 20,000 jobs during construction and that about 8,000 engineers would be required during construction and that the project would come on stream by the end of 2016.

She said that aside from Dangote,  other high profiled investors have also indicated interest in the Lekki Free Trade Zone which she said is currently bubbling with offices. She said the state government has also provide standby 12 megawatts power plants to provide steady electricity supply in the LFTZ.

“Presently, a number of allocation request are also being processed by the ministry”, she said adding that 500 hectares of land was allocated to an  investor for site and service development in Parcel B.

According to her,  the ministry also took steps to foster good relationship between the host communities and the LFTZ.

She said payment of N785 million was made to communities in parcel A in 2009 and that 50 percent compensation was also made to Yegunda and Abombti communities in Parcel B but that the balance of 50 percent, comprising N541.5 million would be paid within the second quarter of 2015 by Land Bureau.

She said that excision of over 390 hectares of land to 14 communities in Parcel A has been implemented and that certificate of occupancy has been handed over to communities who were allocated land in Parcel A per the MoU signed in 2006.

She however acknowledged that there are outstanding issues on enumeration and compensation.