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$3.3bn loan signed for oil refinery

05 September 2013, 13:34

Lagos - Africa's richest man says his company has received a $3.3bn loan to build Nigeria's biggest oil refinery and petrochemical and fertilizer complex.

Aliko Dangote, president of Dangote Group, said the project, expected to be completed in 2016, will lower Africa's dependence on the international market.

Nigeria has to import most of its fuel as it lacks refining capacity. He spoke Wednesday at the signing of the loan from 12 Nigerian and international banks.

Dangote Group says it is still seeking an additional $2.5bn in development funds to augment the $3.5bn of its own equity put into the $9bn project.

The refinery will be built in Nigeria's southwest.

- AP


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