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Tuesday, April 2, 2019
Nigeria's central bank providing 75b naira financing to Dangote's oil refinery
Reuters
Construction workers are seen at the Dangote Oil
Refinery under construction in Ibeju Lekki district, on the outskirts of
Lagos, Nigeria. [Photo: Reuters]
LAGOS- Nigeria’s central bank will provide 75 billion naira in financing
to an oil refinery project being built by Africa’s richest man Aliko
Dangote in the West African country, its Governor Godwin Emefiele said
on Tuesday.
Emefiele said Dangote has invested around 50 percent of the $9 billion
required for the refinery project as equity while the balance would come
as loans from local and foreign lenders.
On completion by 2020, the 650,000 barrels a day oil refinery will meet
Nigeria’s demand for petroleum products and for exports, which will
generate foreign exchange for the West African country, Emefiele said.
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