$2 billion will enter Nigeria’s economy once the OB3 gas pipeline is completed, according to Aliko Dangote

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$2 billion will enter Nigeria's economy once the OB3 gas pipeline is completed, according to Aliko Dangote

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$2 billion will enter Nigeria’s economy once the OB3 gas pipeline is completed, according to Aliko Dangote

World Bank may approve four more loan projects of $2 billion for Nigeria this year  

The Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote, has projected that the completion of the OB3 gas pipeline will attract an inflow of $2 billion into Nigeria’s oil and gas sector.

He said this during the inauguration of the Presidential Economic Coordination Council (PECC) at the State House in Abuja on Thursday.

According to Dangote, the inauguration of the council is a positive step, incorporating private sector involvement in government decision-making.

He also mentioned that the government has started the implementation process, particularly in the gas sector.

Dangote highlighted that the completion of the OB3 gas pipeline will bring $2 billion into the economy.

“We are going to sit down and advise the government on the kinds of policies that government will roll out. Most of these things, we have them. They are already being discussed over and over again.  It’s just a matter of implementation.

“I think the choice of people that we have at this presidential economic council are good enough to be able to advise government on how to implement.

“Our own from the private sector is now to actually to do our own beat which is to invest heavily and create job. Governments don’t really great job. What they do is to give us the right policies, which I think, we have all these policies.

“You can see interventions in gas. Getting OB3 alone to work will have additional $2 billion inward into the economy. There are other industries that will also bring in a lot of money into the country,” Dangote said.

What you should know

The OB3 pipeline project serves as a crucial link to the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, forming an essential part of Nigeria’s gas infrastructure.

The pipeline which started in 2020 by former president Muhammad Buhari is estimated at $2.8 billion.

According to the GCEO of NNPC, Mele Kyari, the infrastructure will come into operation by August and it will facilitate 2.2 billion scf gas across Nigeria.

Kyari said the project will revolutionize the gas industry, adding that it will meet the demands of the country.

More on Presidential Economic Council

President Bola Tinubu inaugurated the presidential Economic Coordination Council (PECC) on Thursday, July 4, 2024.

The team includes the president, the 36 state governors, lawmakers as well as members of the organized private sectors, among others.

On the part of the organized private sector members include: Alhaji Aliko Dangote; Mr. Tony Elumelu; Alhaji Abdul Samad Rabiu; Ms. Amina Maina,  Wale Tinubu, Mr. Segun Ajayi-Kadir; Dr. Funke Opeke; Dr. Doyin Salami; Mr. Patrick Okigbo; Mr. Kola Adesina; Mr. Segun Agbaje; Mr. Chidi Ajaere; Mr. Abdulkadir Aliu; and Mr. Rasheed Sarumi.

source: nairametrics.com

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