Top Stories

Buhari inaugurates world’s largest single-train refinery in Lagos

President Muhammadu Buhari on Monday described the establishment of the 2,635-hectare Dangote Petrochemical Refinery and Petrochemicals facility in Lagos State as a game-changer and milestone for Nigeria’s economy.

The president said the Ibeju-Lekki, Lagos State-based complex – described as the largest single-train facility in the world with a capacity to process 650,000 barrels of crude a day would enable the country to achieve self-sufficiency in the refined products and a surplus for export.

“This makes this event a notable milestone for our economy and a game changer for the downstream petroleum product market not only in Nigeria but the entire African continent”, he said.

Buhari added that the country’s economy, which has been stressed for many decades by huge deficits in economic infrastructure and over a decade of insurgency, had also been severely affected by several external crises, including the global financial crisis, the collapse of oil prices, the coronavirus pandemic, and the Russia-Ukraine War.

“The consequences of these challenges constitute a severe strain on our economy, limiting the government’s ability to provide basic infrastructure without resorting to huge borrowing.

“He said the government must therefore pay attention to creating an enabling environment for the private sector to thrive and fill the enormous gap in investments, not only in infrastructure but also in all critical sectors,” the president stressed.

admin

Recent Posts

NGO Launches Ibadan Food Bank Project to Combat Hunger Among Vulnerable Nigerians

  The Founder and Executive Director of the Temmy Helping Hands and Youth Empowerment Foundation,…

8 hours ago

Two-Thirds of Nigerians Can’t Afford Healthy Meals — NBS

  A recent survey by the National Bureau of Statistics (NBS) has highlighted the severe…

1 day ago

Ford Trims Workforce: 4,000 Jobs to Go in Europe

US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in…

3 days ago

Tinubu Dissolves UNIZIK Council, Sacks VC, Registrar, Otukpo Pro-Chancellor

  President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe…

3 days ago

Ekiti Workers to Earn N70,000 Minimum Wage as Govt Signs MoU with Unions

  The Ekiti State Government has reached an agreement with labour leaders in the state,…

4 days ago

N610bn Constituency Projects Under ICPC Scrutiny in 21 States, FCT

  The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated the seventh…

4 days ago