Dangote secures $4.25bn loan to build refinery in Nigeria

Aliko-Dangote

by Isi Esene

The Chairman of the Dangote Group, Aliko Dangote has disclosed that his company has secured loans worth $4.25bn from banks to build an oil refinery to help the country reduce fuel imports.

Dangote said this at the World Economic Forum on Africa in Cape Town, South Africa.

According to Dangote, who is Africa’s richest man, the loan was secured from “two offshore banks and some Nigerian banks.”

Nigeria runs four refineries which processes less than 445,000 bpd capacity due to inefficient infrastructure which has suffered long spells of neglect.

The country exports about four times that volume in crude oil.

Dangote announced in April, plans to invest up to $8 billion to build a Nigerian oil refinery with a capacity of around 400,000 barrels a day by late 2016.

One comment

  1. This is the reason nigerians have been forced to pay more for fuel. So Dangote & his cohorts & cronies may reap more. All the ‘men’ in Nigeria will have their cut,Jonathan inclusive.

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