Aliko Dangote gets $3.3billion loan from 12 banks to build oil refinery

12 local and international banks have loaned
Africa's richest man and foremost industrialist
Aliko Dangote $3.3 billion to build Nigeria’s
biggest petroleum refinery and petrochemical
fertilizer plants.
The banks are: Standard Chartered Nigeria,
Guaranty Trust Bank, Fidelity Bank, Ecobank
Nigeria, United Bank for Africa, Access Bank,
Zenith Bank, Standard Bank of South Africa,
Diamond Bank, First Bank Nigeria, First City
Monument Bank, and FirstRand Bank.
Standard Chartered is the global co-ordinator,
while Guaranty Trust Bank is the local co-
ordinator.
According to a statement released by Dangote
Group a few days ago, the factories they plan to
build will create about 9500 direct and 25 000
indirect posts. These plants will cut the existing
volumes of refined fuel that are imported by
almost half which will end the importation of
fertilizer in Nigeria.
The company further stated that the 2.8 million
tonnes of urea that will be made at these
factories will be directed into developing the
Nigerian agriculture sector. Aliko Dangote said
these factories would showcase Africa as maker
of refined oil products and fertiliser.
“As a result, several African nations will be less reliant on importing fuel and fertilizer from foreign markets, reducing the
negative impact of negotiating terms within
increasingly turbulent international
markets"