Nigeria to invest NGN75 billion in Dangote’s oil refinery project

Africa Link Reports

 

NIGERIA - The central Bank of Nigeria (CBN) announced that it was planning to invest NGN 75 billion (about €182.5 million) in the refinery project initiated by Aliko Dangote.

The announcement was made by the governor Godwin Emefiele (photo), who also indicated that Dangote provided half of the $9 billion necessary for this refinery on its own equity and that the remaining half would be raised from local and international banks.

The infrastructure that will be completed next year will produce 650,000 barrels daily, helping meet local and international exports. According to the official cited by Reuters, by exporting fuel, the refinery will bring in foreign currency.

Aaron Akinocho (Ecofin Agency) -