Africa's richest man plans refinery, plants worth $11.5b
LAGOS (AFP) - Africa's richest man announced plans on Wednesday to build a refinery as well as petrochemical and fertiliser plants worth some US$9 billion (S$11.5 billion), promising to reduce Nigeria's dependency on imported fuel.
The plans were announced by Dangote Industries Limited, headed by Aliko Dangote, a Nigerian businessman labeled Africa's richest man by Forbes.
According to a statement, the firm signed a loan deal with a consortium of local and international banks for US$3.3 billion "for the purpose of constructing the biggest petroleum oil refinery and petrochemical/fertiliser plants in Nigeria".
"The plants, which will cost a total of US$9 billion, will generate up to 9,500 direct and 25,000 indirect jobs, in addition to reducing current volumes of refined fuel imports by around 50 per cent and effectively stopping the importation of fertiliser," the statement said.