The Dangote Group Wednesday made history by signing of a combined $ 9.05 billion facility agreement with a consortium of local banks and international investors for the establishment of a refinery, and petrochemicals cum fertilizer complex in Nigeria.
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Agreement
Under the agreement signed at a crowded ceremony in Abuja, a $ 3.3 billion medium term loan will come from local banks and international finance organizations; $2. 25 billion from the Economic Commission for Africa, ECA, and Dangote’s equity contribution of $3.50 billion.
he Central Bank of Nigeria, CBN, also made a contribution of N50 billion with interest rate of 7 per cent to be repaid in 15 years.
Chairman of the group, Alhaji Aliko Dangote, described the complex to be located at the OK-LNG Free Trade Zone, between Ogun and Ondo states, as the largest industrial complex in Nigeria’s history and that he embarked on the project as a demonstration of his confidence in the Nigerian economy.
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Nice one Oga Dangote!
Share your thoughts....thanks!
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