The Dangote Group received a loan toward a $9 billion project that will give Nigeria its largest oil refinery and petrochemical and fertilizer complex, reducing the country's reliance on international markets.
Aliko Dangote, president of Dangote Group & Africa's richest man, signed a loan worth $3.3 billion from 12 Nigerian and international banks toward the project which will be built in Nigeria's Southwest- the Olokola Free Trade Zone in Ondo and Ogun states.
"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 said at Wednesday's signing.
The 400,000 barrels-per-day oil refinery and complex will become operational by 2016 and generate over 10,000 direct jobs. The plant will also produce 2.8 million tons of urea for fertilizing crops and to produce polypropylene, used to make plastics, a statement said.
Dangote said the company is still seeking an additional $2.5 billion in development funds to augment the $3.5 billion of its own equity put into the project. The $3.3 billion loan deal was led by Standard Chartered and Nigeria's Guaranty Trust Bank.
Dangote's estimated worth is $16.1 billion according to Forbes, which has also ranked him among Africa's richest men for the past few years.
Source Link: Dangote Seals $3.3bn Refinery Deal
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