Aliko Dangote wants to set up the biggest oil refinery – not just in Africa, but around the world – in Nigeria. The billionaire and business mogul is said to have successfully mobilized $4.5 billion in debt financing and is now set to start productions in early 2020.
Dangote’s oil refinery will be the largest single oil refinery in the world with a capacity of producing 650,000 barrels per day (bpd). This facility will go a long way in reducing Nigeria’s chronic dependence on imported petroleum.
Nigeria is perhaps the poster child of irony when it comes to oil and petroleum products. It is one of the biggest miners and exporters of the crude oil, yet ironically it is also a bulk importer of processed petroleum products. That is because the West African nation domestic oil refining capacity is way below the demand within the country.
Dangote’s Business Partners
Known to have topped the charts several times (and probably topping this year) as Africa’s richest man. Dangote lobbied from international lenders who committed about $3.5 billion. For instance, the World Bank’s private sector arm committed $150 million. Last week, …read more