Nigeria: Afreximbank loan for Dangote refinery

Nigerian billionaire Aliko Dangote signed a $650m loan facility with the African Export-Import Bank (Afreximbank) on 14 July for his $6.5bn oil refinery project. The signing took place in Abuja during the Cairo-based bank’s annual meetings. The 650,000 b/d Dangote refinery is under construction in the Lekki Free Trade Zone in Lagos State, with start-up due in 2019. The project aims to end Nigeria’s long-standing fuel supply problems, halting dependence on imports and supplying regional markets.