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Africa's richest man Dangote signs $650m loan for oil refinery project

Nigeria

<p><strong>Africa’s richest man, Aliko Dangote, has signed a $650 million loan facility with the African Export-Import Bank for his oil refinery project in Nigeria.</strong></p> <p>The seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing. </p> <p>Cairo-based Africa’s trade bank also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry. </p> <p>Dangote built his fortune on cement and now has interests in flour milling, agriculture and real estate. </p> <h2>The world’s biggest oil refinery</h2> <p>He is building the world’s largest single oil refinery and also expanding into fertiliser, aiming to address long-standing problems in Nigeria’s energy markets.</p> <p>The refinery and petrochemical complex is located on 25,000 hectares of swampy land with a jetty to ferry products by sea within Nigeria and abroad including an undersea pipeline to transport gas. </p> <p>It would account for half of Dangote’s sprawling assets when it is finished next year.</p> <p>Dangote intends to process different grades of crude to meet local demand for refined petroleum products and also target export markets abroad. </p> <h2><a href="http://www.africanews.com/2018/07/12/nigerians-react-to-dangote-s-ambitions-to-find-a-new-wife-buy-arsenal/"target="_blank">Understanding Aliko Dangote’s ambitions to find a new wife and buy Arsenal FC</a></h2>
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