Dangote Group Seeks $3.3 Bn to Finance Refinery Project

Dangote Group has announced that it would borrow $3.3 billion to finance a $9 billion oil refinery and petrochemical complex in Nigeria. The Group said it was seeking a further $2.25 billion from development funds for the project, into which it would put $3.5 billion of its own equity. The refinery is expected to have a production capacity of 400,000 barrels per day by late 2016. The loan, according to a statement by the Group, will be signed with financiers on September 4, 2013. Spokesman of the Group, Anthony Chiejina, told Reuters, “We are not resting on our oars and the complex could be the single largest contribution to this government’s economic transformation agenda.”