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HomeBusinessDangote Refinery cost $18.5 bln to complete, says Emefiele

Dangote Refinery cost $18.5 bln to complete, says Emefiele

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By Samuel Bankole

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said on Monday that the Dangote Petrochemical Refinery cost a total of $18.5 billion, with 2 percent of the capital funded by the founder of the plant, Aliko Dangote.

Emefiele, who spoke in Lagos on Monday at the commissioning of the 650,000 barrel refinery, said 50 percent of the credit facilities to build the plant was provided by local banks.

READ ALSO: Dangote Refinery to push out first petroleum product in Aug ~Aliko

He said Dangote had significantly reduced the loan portfolio from $9 billion to $2 billion before the completion of the plant.

President Muhammadu Buhari is in Lagos to inaugurate the Dangote Refinery, Africa’s biggest oil refinery, with a 650,000 barrels per day (bpd) integrated refinery project located in the Lekki free trade zone area of Lagos state.

Speaking during the commissioning of the 650,000 barrels per day capacity refinery in Lagos on Monday, Dangote said the fuel to be produced by the plant would bring an end to the expensive importation of gasoline into the country and the importation of toxic products into the country.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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