Sayyu Dantata, chairman, MRS Holdings Company Limited, launched a $450 million lubricant plant in Lagos, Monday, January 23, 2023, through his company, Bestaf Lubricant Limited.
The 200-million-liter lubricant plant is the first of its kind in West Africa, and it covers the whole value chain of lubricants such as grease, lubes and packaging materials.
Dantata, also the cousin of billionaire Aliko Dangote, said that the plant will not only make money for Nigeria by exporting goods, but it will also meet the needs of countries nearby.
“The lubricant plant can make up to 1,700 different products. It will help Nigeria’s economy by creating jobs for young people, bringing in money, and making the country less reliant on imports,” the MRS chairman said.
Nigerian President, Muhammadu Buhari opened the plant at the Bestaf Facility alongside the Lagos State Governor, Babajide Sanwo-Olu and other dignitaries.
Sanwo-Olu called the building an integrated first-class factory and talked about how happy the president was that the country’s business leaders were still doing well despite the global pandemic.
Andreas Wielsch, the managing director of Bestaf Trading Company, said that “with the lubricant plant, the company will be able to make about half of the 364 million litres of lubricant that Nigeria needs every year.”
He also said that when the new facility opens, 200 million litres of lubricant will be made each year, which is more than enough to meet 50 percent of the country’s annual needs.
Dantata’s new lubricant plant is a big step toward the growth and development of the Nigerian economy. It’s also a good sign that more investments like this could happen in the future.
It shows that Nigerian business leaders and captains of industry are determined to keep investing in and building up the country’s economy, even though the global pandemic is making things hard.
