The Chairman of the Dangote Group of Companies, Alh. Aliko Dangote has secured loans to the tune of $4.25 billion to build a refinery in Nigeria. The loan was negotiated from two offshore banks and some Nigerian banks. Dangote made this known in an interview at the World Economic Forum on Africa in Cape Town South Africa on Tuesday.
The refinery is planned to be located in the Southwest of Nigeria and would process up to about 400,000 barrels of crude per day
Nigeria’s four refineries process less than the 445,000 barrels per day working at far less their capacities due to aging infrastructure and poor maintenance while it exports close to 2 million of crude.
Whereas, the nation is a member of the Organization of the Petroleum Exporting Countries, about 70 percent of the oil products needed is imported to meet domestic requirements.
Dangote is Africa’s richest person, with an estimated wealth of $20 billion.
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