Dangote Secures $4.25 billion Loan To Build Refinery In Nigeria

Africa’s richest man and Nigerian businessman; Aliko Dangote, says he has secured loans worth $4.25 billion from banks to build an oil refinery to help the country reduce fuel imports.
Mr Dangote who was speaking on the side lines at the on-going World Economic Forum on Africa in Cape Town South Africa, said the loan was secured from “two offshore banks and some Nigerian banks.”
Nigeria, a member of the Organization of the Petroleum Exporting Countries, (OPEC) imports about 70 per cent of the oil products it needs to meet domestic requirements.
The nation’s four refineries process less than the 445,000 barrels a day of capacity owing to aging infrastructure and poor maintenance.
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.