Dangote to create additional 290,000 jobs
Chairman of Dangote Group, Alhaji Aliko Dangote has revealed that the group is driving 6 major projects which will provide over 290,000 in the country as well as generates foreign earnings and savings of $15.5bn.
Aliko Dangote disclosed this at a presentation to business leaders and CEOs at the Lagos Business School, listing the projects to include Petrochemicals; Fertilizers; Subsea gas pipeline; Local rice production; Local sugar and Cement capacity expansion.
Dangote further revealed that the group has an investment pipeline of $23 billion that will help drive key infrastructural growth and improve economic activities.
While giving a breakdown of the $23 billion investments, he said, $11 billion will go to refinery, $3 billion to a gas pipeline project (EWOGGS), $2.2 billion to fertilizer, $2 billion to power, $1.8 billion to upstream oil, $1.3 billion to cement projects, $1 billion to rice production, $1 billion to sugar backward integration.
According to Dangote, the EWOGGS pipeline project will significantly improve gas supply security for use by power plants, fertilizer production and other industrial factories as current national supply is put 1,000 mscfd.
With a capacity of 3,000mscfd of gas and covering a distance 550 km from Bonny in the Niger Delta to the Lekki Free Trade Zone in Lagos, the EWOGGS pipeline project will supply Nigeria enough gas to generate 12,000 MW of power.
The project will complement existing gas supply system in Nigeria like the Escravos-Lagos Gas Pipeline System (ELPS), West African Gas Pipeline (WAGP) and stimulate investments by International Oil Companies (IOC) and other gas asset holders to develop their fields and reduce gas flaring.
Dangote also revealed that the group is growing rapidly with revenue expected to grow by more than 7 times in the next 5 years from $4 billion to $30 billion.