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”
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