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.