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.
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