Afrexim lends Nigerian refinery $650 mln
Nigeria 
LAGOS, July 16, 2018 – Aliko Dangote has received a USD 650-million loan from the African Export-Import Bank for the construction of his refinery in Nigeria, international media reported over the weekend.
The loan has a term of seven years with a moratorium period of five years, Reuters reported.
The Dangote refinery is set to be completed in December 2019, Dangote Group executive director Devakumar Edwin said last week.
The plant’s expected processing capacity of up to 650,000 bpd is more than the current combined 445,000-bpd capacity of Nigeria’s four state-owned refineries. Although Nigeria is one of Africa’s top producers of crude oil, it imports nearly 80% of its refined fuel needs.
Read our latest insights on:
Latest news and features
Sign up to receive our newsletter and energy event alerts and receive free access to The Oil & Gas Year Nigeria 2020