Forex up Dangote Refinery cost to $15bn

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has lamented volatility at the global money market as the installation cost of Dangote Refinery and Petrochemical plant has ballooned by more than 100 per cent to $15billion.

Emefiele, who stated this on Saturday at the project site in Lekki, Lagos, encouraged other Nigerians to emulate the business mogul for refusing to be cowed by such challenge.

His words: “We need to really thank Alhaji Aliko Dangote for his determination; for the large heart, this is not projects that ordinary person could have ever contemplated. As you can see, it comprises fertiliser, the second largest fertilizer plant in the world; the petrochemicals as well as the refinery.

” These projects in themselves, when they were contemplated about five years ago, were almost close to about $7 to $9 billion. After the adjustments in currency and some of the things that were not contemplated that are now part of these projects. You can imagine how much it is today. Perhaps not less than $15 billion.”He said