Lagos - The board of directors of African Development Bank (AfDB) has approved a $300 million loan facility for Dangote Group to enable the conglomerate boost fuel supply and fertiliser production in Nigeria.
The loan was approved for Dangote Industries Ltd., for the construction and operation of a Greenfield crude oil refinery and a Greenfield fertiliser manufacturing plant.
Both projects would be produced for the consumption of Nigerians and neighboring African countries.
The project would allow Nigeria, which currently relies on imported petroleum products and fertiliser, to progressively become self-sufficient, transform into a major exporter and support job creation.
The projects would also add value to local natural resources, double the country’s refining capacity and reduce the current imports of fuel into Nigeria by about 80 percent.
"The projects are expected to help Nigeria on forex savings of $65 billion through import substitution and provide revenues for the government (taxes and fees).
“The projects will also create over 30 000 temporary jobs during construction and 2 900 direct jobs during operations.
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