Dangote signs $650 million Afreximbank loan for oil refinery project

Africa’s richest man, Aliko Dangote, has signed a $650 million loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Nigeria.

Africa’s trade bank, based in Egypt, also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry.

Reuters witnessed the signing of both loans on Saturday.