One of Africa’s richest men, Aliko Dangote, intends to build a petroleum refinery in Nigeria.
The Chairman, Dangote Group, Aliko Dangote, said on Wednesday that the
400,000 barrels per day capacity refinery he plans to construct in
Nigeria would be financed with loans totaling about $4.25 billion (N670
billion) provided by a consortium of some foreign and Nigerian banks.
He did not reveal the identities of the banks involved.
Mr. Dangote, who was speaking with Bloomberg in Cape Town during a
business forum at the ongoing World Economic Forum on Africa in South
Africa, said the refinery is expected to help Nigeria reduce its current
dependence on imported petroleum products to survive.
Last month, Mr. Dangote had unfolded ambitious plans to invest about $8
billion in the construction of a refinery to be sited in the southwest
part of the country. The construction of the refinery would commence by
late 2016.
The 445,000 barrels a day combined production capacity of the country’s
four refineries located in Port Harcourt, Warri and Kaduna is only able
to yield an average 18 and 20 million litres of petrol to take care of
the growing appetite of consumers, with current national consumption
level put at an average of 32 and 35million litres per day.
The shortfall between local refining capacity as a result of aging
infrastructure and poor maintenance is only bridged through massive
importation, with the attendant corruption in the importation and
distribution process.
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