The Dangote Group, at the weekend, said its $2 billion Petrochemical Plant, now nearing completion, is designed to produce 77 different high-performance grades of polypropylene in the country.
The plant with a capacity of 900,000 metric tonnes per annum and a turnover of $1.2bn, situated alongside the Dangote Refinery, according to a statement, is strategically positioned to cater to the demands of the growing plastic processing downstream industries across Africa and other parts of the world.
The statement quoted Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, as saying the Dangote Petrochemical project will drive investment in the downstream industries massively, generating huge value addition in the country, generate employment, increase tax revenues, reduce foreign exchange outflows and increase the Gross Domestic Product (GDP) of the country.
Edwin stressed that “we are thinking of adding polyethylene products at a later stage.
“We have 77 types of polypropylene, which can go for different usage that we can produce from our petrochemical plant.”
Edwin said the petrochemical plant would reduce the demand for foreign exchange from the nation’s treasury to import petrochemical by-products.
“Right now, raw materials from polypropylene are imported into the country. There is no foreign exchange for manufacturers to import raw materials. The Dangote Petrochemical plant is going to take care of this challenge.
“When the raw materials are locally available, there will be many more people who will be willing to invest in the economy. So, it not just the savings of foreign exchange from petrochemical products’ importation, the country’s downstream sector will also benefit hugely from the availability of petrochemicals in the country,” he stressed further.
SOURCE: investdata.com.ng