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Nairaland Forum / Nairaland / General / Business / Dangote Refinery Will Fetch $6bn Forex Yearly - CBN (18704 Views)
Femi Otedola Spends His Democracy Day At Dangote’s Refinery / Gigantic Equipment Being Brought In For Dangote's Refinery In Lagos (Photos) / 5 Dirty Businesses In Nigeria That Fetch Big Profit (2) (3) (4)
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Remii(m): 11:23am On Jan 11, 2016 |
Beadex1:it may be fed from Aje and deepwater fields that in lagos and ondo states offshores 1 Like |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Beadex1(m): 11:23am On Jan 11, 2016 |
Dio1:yea thats what the want, the don't care. And you ask yourselve a question Is Lagos state the only place To sight the refinery, what about other underdeveloped states 2 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Nobody: 11:26am On Jan 11, 2016 |
dangote a great mind |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Nobody: 11:27am On Jan 11, 2016 |
When Dangote repatriates sales of $6bn those dollars are deposited within the banking system and form part of the dollar available to all Nigerians. This is the simple idea behind banking. When you put your money in the bank, the bank can use or on lend your money. All that you are promised is that you will have your money when you demand for it. As such whether it is the amount deducted as loan Capital and interest or the amount sitting to Dangote's credit in his bank - those monies form part of Nigeria's domesticated FX. Hope this helps. managermahmud: 2 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by 989900: 11:28am On Jan 11, 2016 |
I have come here to see so that I can also tell Nigerians that we need to give support to people like Aliko Dangote "Doing for Nigeria"? Seriously? Out of the kindness of his heart? While commendable and all, it's a business designed to make money not some charity, dude. Emefiele is some 'street-rat-illiterate'. 4 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Aremu01(m): 11:29am On Jan 11, 2016 |
I beg where is our offer letter jare 2 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Baboo13(m): 11:33am On Jan 11, 2016 |
But I thought the PIB.... |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Jacko01: 11:34am On Jan 11, 2016 |
Very good of him but why am angry is that he could hav started this project at the winding down of obasanjo regime..... The plant would be complete by now..... Very selfish dickhead.... D oda selfish big boys wil start puttin up refineries wen they see how much he stands to make.... 9Ja is a useless country made of selfish ppl 1 Like |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Nobody: 11:40am On Jan 11, 2016 |
Aremu01:As I see the topic for front page I remembered he is still withholding my offer letter. Our offer will come this month, just take a chill pill remember not to choke on it. |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Pesuzok(m): 11:45am On Jan 11, 2016 |
See comments, CBN is just emphasising that forex will be sold to Dangote at the official rate for the importation of material for the construction of the refinery. When the refinery start performing, Dangote will be earning forex that will be exchanged in Nigeria. For my ND brothers, nobody is giving dangote crude for free, he will buy it and besides he can always import crude. CBN is encouraging investors to toe the same path as dangote 3 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by timunstopable: 11:46am On Jan 11, 2016 |
You are going to give Dangote Dollars in at least in tune of 4bn Dollars Knowing that Dangote deals in rice and other agricultural products how are we sure that he wont use the dollar for rice importations or sell it to his billionaire friends since u r given him concessionary rates Also when Dangote flagged off the Refinery I with his investors. He said it clearly that the Refinery is mainly for exports and not for local consumption.So it aint true that this will help our daily PMS needs Did i hear you say you ll stagger repayment. Meaning you are loaning dangote forex.Pls CBN is banker to banks not to individuals or corporate bodies kai this is just not right 2 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Aremu01(m): 11:50am On Jan 11, 2016 |
kokaneprodigy:Smiles... Amen o |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Nobody: 11:57am On Jan 11, 2016 |
timunstopable: I don't think there's anywhere he mentioned the product will be for exportation alone. What I read was that the production capacity will sustain the country and there'll be enough to export and the latter part is African countries in mind. No European or American country will buy finished product from Africa they have more than enough refinery products over there. It'll be cheaper for African countries to buy from Dangote than import from Europe or America. Let's assume what you said is even right, government can place ban on exportation of refined products or ridiculously increase tariff on such. U.S did such in America with crude oil export ban. 1 Like |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by deluxeT(m): 12:01pm On Jan 11, 2016 |
So this demon of ethnicity is still much alive in this fake nation called Nigeria? A Chinese proverb says "speed is useless when there no direction" Maybe God should just in His infinite mercy end our captivity by breaking up this fraud called Nigeria so that everybody can go home and restart before it is too late. |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by nworanco(m): 12:04pm On Jan 11, 2016 |
Oktoberfest:That's federal govt problem and not Dangote's. |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by menacetosociety: 12:05pm On Jan 11, 2016 |
freshvine:Everything must be all about the Ibos right?U no get brain apoda ![]() 4 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by freshvine(f): 12:13pm On Jan 11, 2016 |
menacetosociety: The hausa man that went to build Refinery in Lagos, has Yoruba land started producing crude or he intend refining groundnut oil? Why not build the Refinery in the area of local source of raw materials and trunk it to Lagos using Tank farms for distribution? |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Iko5000: 12:15pm On Jan 11, 2016 |
Gullible Nigerians saying this is good news. We have now enrich one person to make him the most powerful ,man that now has money to kill any business opposition . This will be worst than the Rockefeller story of the 1930s 3 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by nworanco(m): 12:19pm On Jan 11, 2016 |
Dio1:U made point here as well, since cbn supports Dangote & co to import equipment why can't they support govt own refineries to produce upto its maximum capacities in other to fetch also foreign exchange to the country with will drastically reduced urge for foreign by the importers, therefore strengthend our economy and Naira Ironically. With these our citizens will have purchasing power( i.e the speed of inflation will reduced maybe totally. I love Gigantic investment like this. 1 Like |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by nworanco(m): 12:22pm On Jan 11, 2016 |
Dio1:U made a point here as well, since cbn supports Dangote & co to import equipment why can't they support govt own refineries to equipment to produce upto its maximum capacities in other to fetch also foreign exchange to the country which will drastically reduced urge for foreign exchange by the importers, therefore strengthend our economy and Naira Ironically. With these our citizens will have purchasing power( i.e the speed of inflation will reduced maybe totally. I love Gigantic investment like this. 1 Like |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by kachnov(m): 12:40pm On Jan 11, 2016 |
Good move,at the current oil price it is wiser to move away from exporting raw crude(at lesser value) to exporting refined products. Those bashing dangote and bringing tribal sentiments,note that he is a business man and its not a crime venturing into legit businesses. He will also be creating employment for about 8,000 workers not including others that will earn some money as a result of this refinery.Don't allow tribalism becloud your minds. 2 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by menacetosociety: 12:41pm On Jan 11, 2016 |
freshvine:U are out of your depth here!Na u Ibos get everything 2 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by obailala(m): 1:00pm On Jan 11, 2016 |
Beadex1:Dangote is a businessman and he will site his business at the most convenient economic location where he will make maximum profit. Who knows, if he had sited it somewhere in the creeks he would have spent half of the capital cost settling youths and also dealing with periodic vandalism of his facilities whenever some misguided youths think they need some extra payouts. Some months back, the same Dangote suffered the loss of 4 of his trucks at Onitsha because some animals thought the best way to get back at the government of an Hausa man was to burn the trucks of another Hausa man. I don't think Dangote as a businessman would be comfortable siting his business in the SE filled with people who hate him just because of his tribe. Similarly, just last week we heard of the idiotic Uvwie youths in warri who vandalised the shoprite mall for absolutely no reason. That simple mall since its commissioning had restored a bit of life to Warri, a city which has been desolate since the bad leadership of the state allowed a multinational like Shell to leave. If I was an investor, even if I'm from that area, I wouldn't site my business at a location where I would be given high BP. freshvine:I think quite a good volume of oil is produced in Ondo and a soon to be commissioned field in Lagos, although not anywhere close to the planned 650,000 barrels/day. But don't forget the refinery will buy the crude oil it will refine; the crude will not be given free of charge and at least we wouldn't have the problem of looking for who to buy Nigeria's crude any more. 8 Likes 1 Share |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Nobody: 1:09pm On Jan 11, 2016 |
obailala:Tell them, instead of them to put their house in order they'll be screaming marginalisation. I served in a Niger-delta state, foreigners working with ordinary construction companies had to be secured with police men and military men at all times even on site. Do I need to mention the high security detail attached to foreign Oil workers?They even move in motorcade. This cost the coys some substantial amount to maintain. Whereas in Lagos and other southwest states they enjoy a certain level of freedom to roam about freely. 5 Likes 1 Share |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by obailala(m): 1:21pm On Jan 11, 2016 |
timunstopable:There is everything right about this. It is simply to encourage him to speedily complete the project. $6billion inflow of forex will totally overhaul Nigeria's economy, and then it will encourage others to invest in private refineries. I don't even mind if Dangote is given interest free loans, this will positively impact on Nigeria's economy and the triple effects would be felt by everyone. And about diversion of the forex to rice importation, the CBN governor was at the site of the refinery personally to inspect progress of work. 3 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by persius555(m): 1:37pm On Jan 11, 2016 |
Beadex1:Very shameful indeed. These nine states are less than 20% of nigeria total land mass. Of what use is the rest of the other states if all they do is wait for monthly allocation. 1 Like |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by UrbanMystique: 2:04pm On Jan 11, 2016 |
Beadex1:illetracy. The oil won't be free. Dangote will buy the oil. He can decide not to buy from naija delta and go to Saudi or Venezuela. Same way america buys oil from Nigeria. 5 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by tafrica(m): 2:17pm On Jan 11, 2016 |
Remii: It will be quite naïve of Dangote to build such Mega project on Lagos Oil reserves whose production capacity may not yet be ascertained From this report, he is getting the crude from the usual source, N'Delta. www.vanguardngr.com/2015/04/dangote-to-invest-n500bn-in-two-550km-gas-pipeline/ Please I'm not a N'Deltan, I only criticised your claim he may be getting the crude from Lag and ondo. By and large, a very commendable project that will provide employment for many, which I hope to be among soon. 2 Likes |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by taiwotosho22(m): 2:20pm On Jan 11, 2016 |
managermahmud:Did u read the write up well? What the CBN Gov was trying to say is that the foreign Exchange( dollars) Nigeria is spending on importation of the products Dangote wants to produce locally will save the country $6B FOREX yearly. I hope this is a good development for our economy. |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by ohenhen1: 2:40pm On Jan 11, 2016 |
It is more than $6 billion. We will also stop importing oil. We will export refined crude oil. 1 Like |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Adminisher: 2:57pm On Jan 11, 2016 |
managermahmud: The question is why the Jonathan government did not invest our 124dollars oil earnings properly?. Nigeria should have been the largest exporter of fuel and petrochemical products to African countries as we speak. What Dangote is doing should have been one in ten under construction now. 1 Like |
Re: Dangote Refinery Will Fetch $6bn Forex Yearly - CBN by Adminisher: 3:02pm On Jan 11, 2016 |
tafrica: He will mostly get oil from offshore Nigerian crude oil and gas. People should stop being locally minded and parochial. The onshore Niger Delta may eventually have to drink their oil. Apart from refinery, Dangote is also going to be doing the same business as Nigerian Ports Authority is doing in the area . Infact his port may come on stream first before the refinery. |
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