OTEDOLA HAILS DANGOTE'S REFINERY AS THE 8TH WONDER OF THE WORLD

Refinery Valued at $12bn

Femi Otedola, business mogul, has described the oil refinery and fertiliser plant owned by Aliko Dangote, Africa’s richest man and president of Dangote Group, as the eighth wonder of the world. Otedola made this comment in a tweet on Wednesday after he paid a visit to the site of the projects in Lagos.

The oil refinery, which is still under construction, is currently valued at $12 billion. It would be single largest in the world when completed, with the capacity to meet Nigeria’s fuel consumption, and the fertilizer plant is estimated to have a capacity of 2.8 million tonnes of urea annually.

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According to Otedola, who described the projects as “8th wonder in the world”, the fertiliser plant is complete and ready for inauguration while the refinery is 75 percent complete.

Devakumar Edwin, Dangote Group’s executive officer, said that the completion of the refinery would be delayed until the end of 2020. This was in contrast to the early 2020 projected completion date that was earlier announced. According to Edwin, the delay is due to difficulty in importing products, which is caused by the gridlock at the Apapa ports.

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