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Buhari lists Dangote, GE, Samsung among strategic investors in Africa

By BIMBOLA OYESOLA

PRESIDENT Muhammadu Buhari has listed Dangote Group, General Electric, among others as strategic in­vestors sustaining African economy urging them not to relent.
Buhari called on other in­vestors in Africa to consider the strategic nature of invest­ments made by the conglom­erates and emulate them in order to enhance the value of the continent’s economy.
The President made this re­marks during the opening of proceedings at the sixth Afri­can Petroleum Congress and Exhibition (CAPE VI) which was organised by the African Petroluem Producers Asso­ciation (APPA) in the Federal Capital.
Represented at the occasion by his Vice, Professor Yemi Osinbajo, Buhari identified some of the companies adding the most value to the Nigerian economy through their inge­nious investment to include GE, Dangote Group, Ladol Shipyard and Samsung among others.
According to the president, African countries should de­velop ingenious ways of pro­moting value addition and in­vestment through sustainable policies in local content.
He added: “A common ap­proach to local content will ensure that the whole of Africa benefits from economies of scale associated with our vast resources.”
He noted that ongoing mega projects “like the General Elec­tric Service Centre for manu­facturing rotating equipment in Calabar; the Ladol industrial free zone in Lagos – wholly in­digenous, privately developed and hosting the largest shipyard in West Africa; the 650,000 barrels per day (bpd) Dangote indigenous refinery in Lagos and the Samsung FPSO Inte­gration Yard in Lagos; to men­tion a few.” were some of the most strategic to the struggling African economy.
The Nigerian leader said the continent must recognise that the development of do­mestic refining capacity in oil and gas would remain critical to her sustainable economic growth as reliance on impor­tation would continue to stunt her growth.
The president also noted that Nigeria which recently an­nounced a new time line to end gas flaring at her oil fields was on course to see this out.
“The use of gas in Africa’s future energy mix has become imperative. If Africa must meet her future energy needs, the issue of the development of a robust gas infrastructure must be jointly addressed.
“In processing Africa’s hydrocarbon resource, envi­ronmental issues must be ac­corded huge priority. Globally, over 150 billion cubic meters of associated gas is flared an­nually, of this figure, Africa flares an estimated 40 billion cubic meters annually.
In Nigeria, gas flaring amounts to about 23 billion cu­bic meters per annum in over 100 flare sites constituting over 13 per cent of global gas flar­ing,” he explained.
The president pointed out that Nigeria is still a member of the World Bank Global Gas Flaring Reduction (GCFR) Partnership and with the sup­port of our legislature, we will sign the United Nations Agree­ment of “Zero Routine Flaring by 2030” although our nation­al target is 2020.
“I urge all APPA member countries to set realistic targets for gas flare-out in the region.”

This post was syndicated from The Sun News. Click here to read the full text on the original website.

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