By Adaobi Rhema Oguejiofor
The Lagos Chamber of Commerce and Industry (LCCI) has said that the partnership between the Federal Government and Dangote Refinery portrays Nigeria as an attractive investment destination for both local and foreign investors.
The Director General of LCCI, Dr. Chinyere Almona, in a statement issued on Wednesday concerning the upcoming inauguration of the 650,000 barrels-per-day (bpd) capacity refinery, said that the refinery will save and generate foreign exchange, as well as create jobs, positively affect the value of the naira, broaden prosperity for the downstream sector, and also provide opportunities for businesses to thrive.
She stated that LCCI views the refinery’s impact on the Nigerian economy as one that is significant, even as it will also promote national economic growth by impacting the country’s balance of payments.
Dr. Almona added that the Chamber expects the refinery to fuel further growth and development across its value chain, including cosmetics, plastics and textiles, among others.
In her own words, “we also see room for the development of added value in agribusiness, including the sugar backward integration projects that plan to create a strong localized supply in the sugar industry, benefiting local suppliers across the sugar value chain.”