Chairman, Dangote Group, Alhaji Aliko Dangote has announced plans to invest about N500 billion, an equivalent of $2.5 billion in the construction of two sub-sea 550-kilometer gas pipelines in Nigeria.
The project, according to a report by Bloomberg yesterday, will boost Nigeria’s gas output by three trillion cubic feet per day.
Dangote disclosed that the laying of the pipes is expected to begin before the end of the year, adding that the first pipeline should be ready by the middle of 2017.
According to Dangote, the gas pipeline project which will run from the oil producing regions of the Niger Delta to Lagos State, is expected to be co-financed by the International Finance Corporation, IFC, and global private equity firms — Carlyle Group LP and Blackstone Group LP.
Dangote stated that the pipeline project will increase the amount of gas available in Nigeria to four billion standard cubic feet per day from one billion cubic feet.
Source: Vanguard
