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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