Abuja - Businessman Alhaji Dangote says once fully operational, the proposed refinery in Ondo State will end Nigeria’s reliance on fuel imports.
The multimillion dollar facility is scheduled to be fully operational in the next four years.
At his company’s annual general meeting on Thursday, Dangote said work on the proposed 400 000 barrels per day refinery would commence later this year.
“We hope to start something by end of the year. We have put down 50 percent of the money.
"We have secured $4, 25 billion from two foreign banks and the rest from local banks,” Dangote said.
Past efforts to build refineries have often been delayed or cancelled.
He said there was hope among Nigerians that Dangote would be successful considering his vast financial resources and proven track record.
Despite being one of the world’s leading producers of crude oil, Nigeria relies heavily on fuel imports.
The West African country imports fuel to meet domestic needs because of inadequate refining capacity. - CAJ News