Africa’s richest man Aliko Dangote is targeting oil traders for loan to fund the $2.76 billion, 650,000 barrel-
per-day Dangote refinery in Lagos State. The billionaire businessman is in talks with some of the world’s biggest oil traders to help finance the mega refinery project outside of the commercial centre Lagos, Reuters reported, citing sources with knowledge of the matter. The refinery is currently under construction and is planned to come on stream by January next year. Dangote is reportedly in dire need of cash injection in the project in the aftermaths of the economic consequences of the COVID-19 pandemic and soaring construction costs. The state-owned Nigerian National Petroleum Corporation, NNPC, plans to buy a 20% stake in the refinery for about $2.8 billion but Dangote is looking for outside cash. NNPC’s head Mele Kyari said a process was on-going to raise $1 billion with Afreximbank to fund part of its stake purchase.
Source: https://sweetcrudereports.com/dangote-targets-oil-traders-for-loan-to-fund-2-76bn-refinery/