Buhari Seeks $14bn For Restoration Of Lake Chad

President Muhammadu Buhari on Tuesday called for global support for the cleanup of Ogoniland and to raise 14 billion US Dollars for the restoration of Lake Chad Basin.

The president made the call while presenting Nigeria’s statement at the 71th session of the United Nations General Assembly in New York, U.S.A.

He said the call had become imperative in view of the drying up of the Lake Chad to the negative consequences of Climate Change.

He said, “Nigeria is proud to have been part of the process leading to the adoption of the Paris Agreement in December 2015, and supports the African Union Initiative on the Great Green Wall to halt desertification.’’

The president said it was in furtherance of the country’s commitment to environmental sustainability that Nigeria launched the cleanup of Ogoniland.

He called on development partners and multinationals to contribute to the Ogoniland Restoration Fund.

The Nigerian leader also spoke on dangers posed by global terrorists.

He said, “Nigeria has made remarkable progress in our resolve to defeat Boko Haram, whose capacity to launch orchestrated attacks as a formed group has been severely degraded.

“In the last few months, their operations have been limited to sporadic use of Improvised Explosive Devices against soft targets.”

According to him, Nigeria will continue to fight terrorism “based on the established rules of engagement and in conformity with international best practices”.

Buhari also called for enhanced international cooperation to defeat the global scourge.

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$14bn Refinery Investment: CBN Assures Dangote Group Of Support To Get FOREX

The Central Bank of Nigeria (CBN) has said that it would assist the Dangote Group to access foreign exchange to facilitate its 14 billion dollar refinery project.

 
Mr Godwin Emefiele, the Governor of the CBN, said this during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.

 
The tour of the facility held on Sunday at its location within the Lekki Free Trade Zone in Lagos.

 
The CBN governor said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality.

 
“Your ongoing 14 billion dollar refinery investment will enjoy our support, no doubt.
We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead,’’ Emefiele said.

 
According to him, the tour is necessary to lend our support to this laudable project that will transform Nigeria’s downstream oil sector.

 
“The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrol-chemicals, fertiliser and fuel will be produced, about three years ago.

 

Today, the three projects, which are valued at 14 billion dollars (N2.8 trillion), are on course and this is highly commendable, ‘’ he said.

 
Emefiele said the CBN would continue to support tremendous and impactful projects that would improve the socio-economic profile of the country through such investments.

 
He said the diversification of the Dangote Group was worthy of emulation by other industrialists.

 

“By the time this refinery is completed, it will not only service the needs of our domestic economy but shore up our international oil investments. Projects like this and our support will encourage more Nigerians to begin to think like the Dangote Group,’’ the CBN boss added.

 
Alhaji Aliko Dangote, Chairman, Dangote Group, said that the refinery would commence commercial operations at the early period of 2018.

 
“We are set to unveil the world’s largest refinery which will make Nigeria self-sufficient in petroleum products refining and also become a major exporter of oil.

 

This project will mark a turning point in Nigeria’s search for local refining of crude oil.

 

We will ensure the value chain in crude oil production is uplifted and other facilitators properly integrated into our scheme,’’ he said.

 
The chairman said that the fertiliser production aspect of the refinery would be completed by 2017.

 
Dangote said: “This project is generally about saving foreign exchange and earning more for our nation through the diversification of the economy.
“We started with local production of cement and today we export more than 12 tonnes of it.
“We don’t need dollars now to continue to produce Dangote Cement and that is the same thing we will do with this refinery.

 

“This refinery will have the capacity to serve this country optimally and it is part of our contribution in the vanguard to diversify our economy.’’

 

 

(NAN)