Dangote to build oil refinery in Nigeria
Africa’s richest industrialist, Alhaji Aliko Dangote reportedly announced that he plans to build a refinery at a cost of $8 billion. He made the announcement this week in Lagos, saying that the refinery will start once the company has secured the appropriate approvals from the government. The location and capacity of the proposed refinery are yet to be confirmed.
“We are all aware that the federal government had issued 19 licences to the private sector to establish refineries in the country, but how many of them have come on stream? There is uncertainty in the sector and only a mad businessman will put up a refinery now, but we are set to do that,” he said.
Dangote is urging the Federal Government to allow market forces to determine the price of fuel.