Spend D Money: Dangote to Build $8 billion Refinery in 2013

Africa’s richest man, Aliko Dangote, has announced plans to construct an $8 billion refinery in Nigeria later this year, according to a report by Nigeria’s Leadership newspaper.

Dangote made the announcement last week in Lagos during a breakfast meeting with some senior editors of various Nigerian media organizations to commemorate his 57th birthday. While Dangote did not disclose the planned location of the facility or its capacity, he said his Dangote Group, will start work on the refinery as soon as the company secures final approval from the federal government and other related agencies.