The Dangote Industries Limited said its $2bn petrochemical plant in Lagos is designed to produce 77 different high-performance grades of polypropylene in the country.
The company says that 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.
The Group Executive Director, Strategy, Capital Projects and Portfolio Development Industries Limited, Devakumar Edwin, says 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.
Mr. Edwin, 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.
