Africa’s richest man, Aliko Dangote, has signed a $650 million loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Nigeria.
The seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing. Cairo-based Africa’s trade bank also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry.
Dangote Group Executive Director Devakumar Edwin said last week that the oil refinery would cost around $10 billion and should be completed by December 2019. He said the company would borrow $3.3 billion for the project, arranged by Standard Chartered Bank. The remainder will be funded by equity and through export agencies.
Lucy Morgan, thank you ever so for you post.Much thanks again.