The richest man in Africa has $ 4.5 billion in funding for the oil refinery

The richest man in Africa, Aliko Dangote, has arranged more than $ 4.5 billion in funding for his Nigerian oil refinery project and has started producing in early 2020, he told Reuters. , which has built its fortunes in cement, is building the world's largest oil refinery with a capacity of 650,000 barrels per day (bpd) to help reduce Nigeria's dependence on imported oil.

Lenders would commit about $ 3.15 billion, the private sector of the World Bank providing $ 150 million, added Mr. Dangote, adding that he was investing more than 60% of his own cash flow .

The Dangote Group stated that Standard Chartered Bank was arranging funds for the project.

"We will end up spending between 12 and 14 billion dollars." Dangote said in an interview in Lagos on Tuesday.

Acquire More Oil Fields

"I hope we will finish mechanical (construction) from here next year and the products will start coming out in the first quarter by 2020. »

The Central Bank of Nigeria will provide guarantees for around Nh $ 575 billion in local currency for 10 years, with the African Development Bank providing a loan of $ 300 million According to Dangote, China's commercial banks , India and some European countries are also part of the group.

The planned refinery and petrochemical complex is expected to account for half of Dangote's sprawling badets when it is completed next year. Dangote signed a $ 650 million loan with the African Export-Import Bank (Afreximbank) for the project

Dangote said he was looking to acquire more oil fields in the US turning to the oil sector to supply the refinery. "We will go after Arsenal from 2020 … even if someone buys it, we'll go after it again," he told Reuters, referring to rumors according to billionaire Alisher Usmanov was looking to sell his share of 30% in the club.

Dangote added that the need for healthy liquidity until the end of the refinery project excludes a move for Arsenal before that date.