Money talks: Dangote promises to end fuel importation in Nigeria
by Rachel Ogbu
President of Dangote Group, Aliko Dangote has promised that in four years, his proposed refinery will end fuel importation in Nigeria.
“We hope to start something by end of the year. We have put down 50 percent of the money. We have secured $4.25 billion from two foreign banks and the rest from local banks,” Dangote said.
“In the north east and also parts of north west, we would be creating about 120,000 jobs, which has never happened in the history of Nigeria. This is what we intend to do in sugar alone. We thank government for bringing up this new sugar policy,” he said.
According to reports, Dangote’s proposed refinery is expected to produce 400,000 barrels per day and will be located in Ondo State.
The Daily Trust reports that:
Dangote group would provide half of the money while the rest would be sourced from two foreign banks and Nigerian banks.
Dangote is worth over $16 billion in net assets, according to Forbes Magazine, making him the richest on the continent.
He said while his investing in Nigeria is an ongoing business, he hopes to top it to over $20 billion in the next three years. His investment outside Nigeria is in excess of $5 billion.
Speaking on security threat to businesses, Dangote said his business was not significantly affected.
He said while the government is doing a lot in terms of tackling the security situation, people should support the government to make sure “they do what is right instead of confusing them and making noise all over the place.”