Nigeria Billionare Dangote Signs Agreement To Build Oil Refinery In Nigeria
Nigeria is Africa's biggest oil producer but lacks refining capacity and has to import most of its fuel.
The West African state is often hit by fuel shortages, and conflict over control of its oil wealth.
People in Nigeria's oil-producing southern Niger Delta region are among the country's poorest and accuse the government and oil companies of failing to develop the area.
'Dilapidated refineries'
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Aliko Dangote (file photo)
At least for the first time in our lifetime, we'll see Nigeria exporting petroleum products”
Aliko Dangote
Businessman
Mr Dangote, a Nigerian who made his fortune in cement, flour and sugar, is worth an estimated $16bn (£10bn) and has topped the Forbes list of Africa's richest men for the past three years.
Mr Dangote told the news the
It would be built in the south-west and would become operational in 2016, he said.
Mr Dangote signed a $3.3bn loan deal with local and foreign banks to build the refinery, as well as fertiliser and petrochemical plants.
The entire venture would cost $9bn, with $3bn in equity from Dangote Industries and $6bn to be raised in loan capital.
Focus on Africa programme the refinery would create "thousands" of jobs.
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