Dangote and 11 banks seal $3.3bn refinery deal for Nigeria

The Dangote Group on Wednesday sealed a $3.3bn medium term deal with 11 local and foreign banks to finance the building of a petrochemical plant consisting of a refinery and fertiliser plant in the country.

The investment initiative is in form of a loan agreement for the construction of a petrochemical plant to be located at the Olokola Free Trade Zone in Ondo and Ogun states.

The refinery, according to the President, Dangote Group, Alhaji Aliko Dangote, will become operational in 2016 and generate over 10,000 direct jobs and end the importation of refined petroleum products into the country with the attendant multiplier effects on the manufacturing sector.

When completed, he said the refinery would to be the largest in Africa, thus turning Nigeria into a petroleum exporter.- Vanguard