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 sidelines 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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