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Funds for Dangote's refinery and fertiliser project

Dangote Group president Aliko Dangote. (World Economic Forum/Flickr)

A consortium of 12 African and international banks has provided a US$3.3bn loan facility to Dangote industries forconstructing a petroleum oil refinery and fertiliser plant in Nigeria

The deal was signed this week in Abuja and is the single largest debt extended to any Nigerian entity until now.

The plant, which will cost a total of US$9bn, will be expected to generate up to 9,500 direct and 25,000 indirect jobs, in addition to reducing current volumes of refined fuel imports by around 50 per cent and will effectively stop fertiliser imports.

It will also meet local demand for petrochemical products and even provide enough for exports.

The project will be financed by US$3bn equity and US$6bn loan capital.

The first portion of loans for Dangote has already been disbursed. It comprises a US$3.3bn medium-term loan facility supported by the consortium of banks.

Dangote Group president Aliko Dangote said that with the refining capacity of the proposed project, which is expected to reach 400,000 barrels of crude oil per day capacity and will produce a variety of refined fuel products from local crude resources, will cut Nigeria's current volumes of imported fuel products by a massive 50 per cent.

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