The Lagos State Authorities has revealed {that a} second personal refinery could possibly be established within the state as plans proceed to take form for one more main investor to enter the sector.
The disclosure was made by the Commissioner for Bodily Planning and City Growth, Dr. Oluyinka Abiodun Olumide, through the Financial Roundtable Dialogue organised by the Financial Intelligence Division of the Ministry of Financial Planning and Price range at Protea Resort, Alausa, Ikeja.
Dr. Olumide defined that Lagos had turn out to be more and more engaging for large-scale industrial and petrochemical investments, noting that personal operators have been starting to discover alternatives past the present Dangote refinery.
The commissioner revealed that conversations round establishing a second personal refinery had already begun. He made the comment whereas emphasising the position of the personal sector in driving main capital initiatives throughout the state.
What Dr. Olumide stated
“These are issues which are purported to be channeled by the personal sector. The federal government can not go into every part, so these are alternatives that individuals can earn money from. It’s so humorous when folks speak in regards to the degree of employment.
“The plans are wealthy sufficient that the personal sector can are available, and you’ll see what Dangote has executed in Lagos. One other operator—they’re additionally coming in—very quickly, he’s going to have a competitor. They’ve already began discussing that, that it needs to be one other refinery, a non-public refinery.”
Olumide added that Lagos’ bodily planning framework was intentionally structured to assist capital-intensive initiatives, significantly these that may drive job creation, strengthen the power sector and develop the state’s industrial base.
What you need to know
Lagos State already hosts the biggest single-train refinery, the Dangote Refinery, which was initially deliberate for the Olokola Free Commerce Zone in Ogun State.
Aliko Dangote had revealed that his conglomerate misplaced $500 million attributable to delays in securing the Olokola website through the administration of former Governor Ibikunle Amosun, along with the $2.5 billion initially borrowed from banks.
- Unseen political interference reportedly stalled the undertaking, prompting the transfer to Lagos, the place the state authorities underneath then-Governor Babatunde Fashola offered an enabling atmosphere that allowed the refinery to materialise.
- A number of refinery licences have already been issued to different personal operators, with energetic initiatives underway by BUA, Aradel, and Waltersmith.
Lagos’ business-friendly atmosphere, infrastructure, and planning framework are actually creating the situations for a second personal refinery to enter the state, reinforcing its place as a hub for industrial progress and private-sector-led power investments.
Be First to Comment