Central bank to provide 75 bln naira financing to Dangote’s oil refinery

Central bank will provide 75 billion naira in financing to an oil refinery project being built by Africa’s richest man Aliko Dangote, Central bank 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, Emefiele said.