Aliko Dangote-owned Dangote Industries Limited has received approval from the Federal Executive Council (FEC) for N158 billion in road infrastructure.
The new project, which will come shortly after he completes the mega refinery in Lagos, will link the Lekki Deep Sea Port to the Shagamu-Benin Expressway through Epe, boosting road transportation in Lagos.
The newly approved project is the tenth undertaken by Africaâs wealthiest man under the Federal Governmentâs infrastructure tax credit scheme.
The projectâs funding is part of Nigeriaâs Road Infrastructure Development Fund and Refurbishment Investment Tax Credit Scheme, which allows companies to finance infrastructure projects in exchange for tax credits.
The new project is expected to decongest Lagos, especially around the Lekki Free Trade Zone, hosting several industries.
The road infrastructure will facilitate the flow of goods from the Lekki Deep Sea Port, reducing pressure on internal road networks and improving connectivity to other regions in Nigeria.
The Nigerian government announced the approval after an FEC meeting chaired by President Bola Tinubu, as announced by Special Adviser on Information and Strategy Bayo Onanuga.
Dangote Industries Limited has continued to expand across many sectors, including cement, sugar, energy, and petrochemicals.
According to reports, Dangote Industries Limited secured $105 million in a Central Bank of Nigeria FX auction to boost its financial operations.
Also, the conglomerate is exploring the sale of 12.5% of its refinery to raise liquidity for smoother operations.Â
The development came as the Dangote revealed the ownership of two oil blocks, stating that production would commence next month to help boost the crude oil supply to his new refinery.
TimesNow.com.ng previously reported that Aliko Dangote, Chairman of the Dangote Group, has said that the Nigerian government is preparing to supply 12 million barrels of crude oil to the Dangote Refinery in October.
The move will mark a significant step in addressing Nigeriaâs fuel demands.
Dangote disclosed this during an interview with Bloomberg Television in the US.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
