Continental Focus, International Reach

Afreximbank Finances Dangote Refinery

Monday, July 16, 2018

Aliko Dangote, the head of the Dangote Group, secured funding for the construction of his company’s planned mega refinery in Nigeria. Dangote signed a $650 million loan facility with the African Export-Import Bank (Afreximbank) for the oil refinery project in Nigeria.

The financing will allow the company to complete the $10 billion oil refinery and petrochemical complex. The refinery is to be located at the Olokola LNG Free Trade Zone in Lekki-Lagos. The plant will be Nigeria’s first privately owned refinery.

A News Agency of Nigeria report revealed that the signing took place on July 14 in Abuja.


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