Dangote agrees to build Refinery in Nigeria

Dangote is planning to take part in rebuilding Nigeria as he plans to build a refinery in Nigeria. Africa's richest man and owner of Dangote Group of companies is seeking a $3.5 billion loan to fund the oil refinery and other projects. Nigeria currently produce 445,000 barrels per day among four refineries. That is well below par.

“We need constant funding from one successful project to another, a very good funding mechanism.The loan will be for the refinery and other projects.” Vice President Sani Dangote said in an interview in Abuja.

Dangote plans to build the oil refinery in Nigeria’s southwest with a capacity of 400,000 barrels of crude oil a day.

“It’s going to take a while,” the vice president said by phone. “We’re still looking at the supply chain.”
''This will really help not only Nigeria but sub-Saharan Africa. There has not been a new refinery for a long time in sub-Saharan Africa'' added Aliko Dangote

Nigeria rely on subsidized imports for almost all of its fuel needs. A new refinery by a Nigerian would be welcomed and this would cut into profits made by European refiners and oil traders who would lose part of that lucrative market.