Aliko Dangote gets $3.3billion loan from 12 banks to build oil refinery

12 local and international banks have loaned
Africa's richest man and foremost industrialist
Aliko Dangote $3.3 billion to build Nigeria’s
biggest petroleum refinery and petrochemical/
fertilizer plants.
The banks are: Standard Chartered Nigeria,
Guaranty Trust Bank, Fidelity Bank, Ecobank
Nigeria, United Bank for Africa, Access Bank,
Zenith Bank, Standard Bank of South Africa,
Diamond Bank, First Bank Nigeria, First City
Monument Bank, and FirstRand Bank.
Standard Chartered is the global co-ordinator,
while Guaranty Trust Bank is the local co-
ordinator.
According to a statement released by Dangote
Group a few days ago, the factories they plan
to build will create about 9500 direct and 25
000 indirect posts. These plants will cut the
existing volumes of refined fuel that are
imported by almost half which will end the
importation of fertilizer in Nigeria.
The company further stated that the 2.8
million tonnes of urea that will be made at
these factories will be directed into developing
the Nigerian agriculture sector. Aliko Dangote
said these factories would showcase Africa as
maker of refined oil products and fertiliser.
“As a result, several African nations will be
less reliant on importing fuel and fertilizer
from foreign markets, reducing the negative
impact of negotiating terms within
increasingly turbulent international markets"