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Nigeria to invest NGN75 billion in Dangote’s oil refinery project

Wednesday, 23 January 2019 17:16
Nigeria to invest NGN75 billion in Dangote’s oil refinery project

(Ecofin Agency) - The central Bank of Nigeria (CBN) announced that it was planning to invest NGN 75 billion (about €182.5 million) in the refinery project initiated by Aliko Dangote. The announcement was made by the governor Godwin Emefiele (photo), who also indicated that Dangote provided half of the $9 billion necessary for this refinery on its own equity and that the remaining half would be raised from local and international banks.

The infrastructure that will be completed next year will produce 650,000 barrels daily, helping meet local and international exports. According to the official cited by Reuters, by exporting fuel, the refinery will bring in foreign currency.

Aaron Akinocho

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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