FG, Lagos Government, Didn’t Give Us Money for Refinery Project, Says Dangote
...We paid $100m for land
The federal government and Lagos State government have not made any financial contribution to Dangote Refinery or given the company any advantage to run as a monopoly on any line of business in the country.
In a recent video that has sparked widespread attention, Aliko Dangote, Africa’s richest man and founder of the Dangote Group ,who clarified misconceptions surrounding the commissioned Dangote Refinery and Petrochemicals plant at Ibeju-Lekki free trade zone in Lagos, disclosed that his company paid $100m for the land
Speaking on Saturday, Dangote emphasized that the refinery did not receive any incentives from the Federal Government of Nigeria or Lagos State, contrary to popular belief. He revealed that the company paid $100 million for the land, which spans approximately 2,635 hectares – roughly six times the size of Victoria Island.
“We did not, and I repeat, we did not collect one single incentive from the Federal Government of Nigeria or even Lagos State,” Dangote emphasized. “Yes, the Lagos State gave us a good deal, but we paid $100 million for the land. It wasn’t a free land; we paid for it.” he said
Dangote also addressed allegations of monopoly, stating that his company’s operations add value by utilizing local raw materials. “We take local raw materials and turn them into products, and we sell. We have never consciously or unconsciously stopped anybody from doing the same business that we are doing,” he asserted.
The Dangote Refinery, commissioned by President Muhammadu Buhari on May 22, 2023, is the world’s largest single-train refinery, costing $19 billion to build. Despite being delayed for nearly a decade, the complex has outstanding debt of around $2.75 billion, according to Nigeria’s central bank governor.
Dangote’s clarification comes as the refinery, expected to be a game-changer for Nigeria’s economy, has yet to commence operations. The company’s commitment to adding value and promoting local content has sparked hope for a brighter economic future.
As Nigeria continues to navigate its economic landscape, the Dangote Refinery remains a symbol of potential growth and development. With Dangote’s assurance of fair business practices, the country eagerly awaits the refinery’s commencement of operations.
