Top Nigerian banks finance Dangote Refinery
Guaranty Trust Bank and Standard Chartered Bank led nine other local and international commercial banks in the provision of a loan facility to Dangote lndustries Ltd worth $3.3billion for the purpose of constructing the biggest Petroleum Oil Refinery & Petrochemical, Fertilizer Plants in Nigeria.
The plants, which will cost a total of $9 billion will generate up to 9,500 direct and 25,000 indirect jobs. It will in addition reduce current volumes of refined fuel imports by around 50 percent and effectively stop the importation of fertilizer according to reports.
President of Dangote Group, Aliko Dangote said: “This plant will further entrench Africa’s role on the global map as not only a valued contributor for natural resources, but also a competent manufacturer of refined products and fertilizer. As a result, several African nations will be less reliant on importing fuel and fertilizer from foreign markets, reducing the negative impact of negotiating terms within increasingly turbulent international markets.”