By Emmanuel Nduka
Dangote’s $2billion petrochemical plant located in Ibeju-Lekki, Lagos State, with a capacity to produce 77 different high-performance grades of polypropylene, is at the final stage of completion.
This was revealed by the company’s Group Executive Director, Strategy, Capital Projects and Portfolio Development, Mr Devakumar Edwin, in a statement on Monday.
The statement sent by e-mail and signed by Tony Chiejine, Assistant Manager, Group Communication and Branding of Dangote Group, informed that Edwin made the disclosure while giving an update on the petrochemical project which is nearing completion and said to be the biggest in Africa.
According to Edwin, the plant with an estimated yearly turnover of $1.2 billion has the capacity to produce 900,000 metric tonnes of 77 different grades of petrochemical per annum, which can go for different usage.
“It has been strategically positioned to cater for the demands of the growing plastic processing downstream industries; not only in Africa, but also in other parts of the world.
“The Dangote Petrochemical Plant will drive investment in the downstream industries massively, generating huge value addition in the country, generate employment, increase tax revenues, reduce foreign exchange outflow and increase the Gross Domestic Product (GDP) of the country,” he said.
While stating that the petrochemical plant would also embark on the production of polyethylene products in the nearest future, Edwin added that upon completion, the petrochemical plant would reduce the demand for foreign exchange from the nation’s treasury.
“Right now, raw materials from polypropylene are imported into the country. There is no foreign exchange for manufacturers to import raw materials. The Dangote Petrochemical plant is going to take care of this challenge.
“When the raw materials are locally available, there will be many more people who will be willing to invest in the economy.
”So, it not just the savings of foreign exchange from petrochemical products’ importation, the country’s downstream sector will also benefit hugely from the availability of petrochemicals in the country,” he added.
The Dangote Petrochemical plant is situated alongside the Dangote Refinery also in Lekki, Lagos State.