Lagos, Oct. 11, 2024 – The Prime Minister of Grenada, Dickon Mitchell, has expressed the willingness of Caribbean countries to invest in Dangote’s companies.
He expressed this willingness during a visit to the Dangote Petroleum Refinery and Petrochemicals complex in Lagos on Thursday.
Mitchell described Dangote Petroleum Refinery and Petrochemicals as a significant investment that developing countries need for their industrial growth.
He agreed with Aliko Dangote, President and Chairman of the Dangote Group on the partnership potential in cement, fertiliser and petroleum products production with the Caribbean community.
“This investment is a tribute to Dangote and his remarkable vision. It is the first of its kind in Nigeria and Africa, symbolising what the developing world needs, significant investment in industrialisation and manufacturing.
“This is an incredible achievement and a testament to Mr Dangote’s vision, not just for his company, but for Nigeria and Africa as a whole,” he said
Mitchell, who is also the Chairman of the Caribbean Community (CARICOM or CC), a political and economic union of 15 member states and five associate members from the Americas, the Caribbean and the Atlantic Ocean, said through this and similar investments, Africa and developing countries could reverse the cycle of exporting raw materials to importing finished products from developed countries.
“Dangote exemplifies what an African leader should be. We need not just political leaders but business leaders, who are willing to invest in Africa, particularly in manufacturing and industrialization.
“We must ensure that we don’t continue to export our raw materials to the developed world, where they can be turned into sophisticated products and sent back to us.
“We need to reverse that cycle; it is the only way to grow the wealth of Africa and the developing world. Additionally, we need to support this with training and invest in job opportunities.”
Mitchell applauded the refinery’s sophistication and automation and also expressed optimism for Nigeria’s future, especially given the number of young Nigerians trained and working at the refinery and the fertiliser plants.
“It has been a wonderful experience to witness the shared skills, depth of sophistication, and automation here. Seeing so many bright young Nigerians, particularly in the laboratories, is truly inspiring. …this bodes well for the future development of Nigeria,” Mitchell said.
He said the Caribbean Community would explore partnership opportunities with the Dangote Group to boost its economy.
“One of the reasons I am here is to pursue synergies and partnerships between the diaspora and Africa, particularly in areas such as the refinery, cement, and fertiliser. We believe there are fantastic opportunities to develop partnerships between the Caribbean and Africa,” added the Prime Minister.
In his response, Dangote, Africa’s richest man, described Mitchell’s visit as “symbolic,” noting that many Caribbean countries were beginning to discover crude oil and exploring opportunities to build their refineries, which would help them to address the challenge of exporting crude oil and importing refined petroleum products at high costs.
“The visit shows that many countries are proud of what we have achieved because a (number) of countries have been unable to deliver their refineries. It shows their pride in seeing a Black person…(succeed),” said the Charman.
He said the Dangote Group was also exploring partnership opportunities in the Caribbean for petroleum products, cement and fertiliser production, with ongoing discussions on crude oil importation from countries in the community to supply them with refined products.
“There are numerous partnerships in place. We are exploring collaboration in areas such as cement and petroleum, including the possibility of buying crude (oil) from them while selling them some of our petroleum products.
“We already export to the U.S., Mexico, and other regions, so there is significant collaboration we are looking to develop between us and them,” Dangote said.
The US$20 billion refinery, the largest private investment in Africa, stands out for its team of young professionals, predominantly aged between 26 and 28, most of whom are educated in Nigeria with advanced degrees.
The 650,000-barrel-per-day Dangote Refinery, the largest single-train refinery in the world, is designed to process a variety of crude oils including those from Africa, the Middle East, and the U.S.
The refinery’s products meet the Euro V specifications, the stringent standards of the U.S. Environmental Protection Agency (EPA), the European emission norms, the Department of Petroleum Resources, and the African Refiners and Distributors Association (ARDA) specifications.
It can satisfy 100% of Nigeria’s demand for petrol, diesel, kerosene, and aviation jet fuel, with a surplus for export. (GBN)
