DANGOTE GETS $300M FACILITY FOR REFINERY CONSTRUCTION
By Ediri Ejoh
Dangote Industries Limited has secured a $300 million facility from African Development Bank, AFDB to finance the construction of its crude oil refinery and Greenfield fertilizer manufacturing plant.
According to the AFDB, the loan is designed to help boost fuel supply and fertilizer production in Nigeria.
The AFDB said, “Both projects will help the country in becoming self-sufficient in its local natural resources and improve refining capacity in an attempt to transform into a major exporter in the oil and gas industry.
The AfDB noted that that facility is, however, projected to reduce more than 80 per cent of the country current imports of fuel as well as eliminate the importation of fertilizer.
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Photo credit, Forbes