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"