Nigeria: Dangote signs refinery loan deal


Dangote Industries Limited has signed a $3.3bn loan agreement with a consortium of local and international banks to build an oil refinery, petrochemicals and fertiliser complex in the Olokola free trade zone. The plants, which will cost a total of $9bn, will generate up to 9,500 direct and 25,000 indirect jobs, reduce refined fuel imports by around 50% and effectively end the need to import fertiliser. The project will be financed by $3bn of equity and $6bn of loan capital. The first tranche, signed on 4 September, comprises a $3.3bn term loan facility supported by a consortium of 12 local and international banks.