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

Written By Blogs Pr 2 on Thursday, November 21, 2013 | 10:38 AM


12 nearby 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, Normal Bank of South Africa,
Diamond Bank, First Bank Nigeria, First City
Monument Bank, and FirstRand Bank.
Common Chartered is the international co-ordinator,
although Guaranty Trust Bank is the regional co-
ordinator.
According to a statement released by Dangote
Group a couple of days ago, the factories they program to
build will generate about 9500 direct and 25 000
indirect posts. These plants will reduce the current
volumes of refined fuel that are imported by
virtually half which will end the importation of
fertilizer in Nigeria.
The business additional stated that the two.8 million
tonnes of urea that will be produced at these
factories will be directed into establishing the
Nigerian agriculture sector. Aliko Dangote mentioned
these factories would showcase Africa as maker
of refined oil products and fertiliser.
“As a result, many African nations will be less reliant on importing fuel and fertilizer from foreign markets, lowering the
negative influence of negotiating terms within
increasingly turbulent international
markets"

Title: Aliko Dangote gets $3.3billion loan from 12 banks to build oil refinery
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Posted by: Admin Updated at: 10:38 AM

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