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.