…generate huge value addition, create jobs, reduce foreign exchange outflow
Ayomide Samson
Dangote Industries Limited has said its $2bn petrochemical plant in Lagos is designed to produce 77 different high-performance grades of polypropylene in the country.
TAccording to the company in a statement on Sunday, it said with a turnover of $1.2bn, the plant, situated alongside the Dangote Refinery, had been strategically positioned to cater to the demands of the growing plastic processing downstream industries in Africa and other parts of the world.
Edwin Davekuma, Group Executive Director, Strategy, Capital Projects and Portfolio Development Industries Limited, said the plant would drive investment in the downstream industry, generate huge value addition, create jobs, increase tax revenues, reduce foreign exchange outflow and increase the Gross Domestic Product of the country.
The group executive director who said this while giving an update on the plant in Lagos, was quoted as saying the petrochemical plant would reduce the demand for foreign exchange from the nation’s treasury to import petrochemical by-products.
He said, “We are thinking of adding polyethylene products at a later stage. We have 77 types of polypropylene, which can go for different uses that we can produce from our petrochemical plant.”
Raw materials from polypropylene as of now were imported into the country, he said.