Africa's richest man to fund Nigeria's largest oil refinery plan with loan
Dangote Group president and Africa's richest man Aliko Dangote inked a USD3.3 billion loan to fund the construction of a USD9 billion industrial complex. The loan was co-financed by a group of 12 local and international banks led by Nigeria's Guaranty Trust Bank and Standard Chartered. The proposed industrial complex would include Nigeria's largest oil refinery and infrastructure dedicated to the production and manufacturing of petrochemical and fertilizer products.
According to an Associated Press report, the proposal was to reduce Nigeria's reliance in foreign markets. Nigeria may have been Africa's buggest supplier of oil and top crude oil supplier to the United States, but the country has been relying on imports because of refineries that were too decrepit, that Nigeria always come up short in meeting oil volume demand.
In Wednesday's signing, Dangote said, "At the completion of these projects we expect Nigeria to become not only self-sufficient in fertilizer and refined petroleum products but indeed to become recognized as a leading exporter of these products."
Dangote's company is still looking for USD2.5 billion in additional funds to increase its own USD3.5 billion to pe put into the project.
According to Forbes magazine, Dangote's wealth is estimated at USD16.1 billion built through investments in cement, flour and sugar.
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