× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Nigeria's central bank providing 75b naira financing to Dangote's oil refinery

NEWS
By Reuters | Jan 23rd 2019 | 1 min read
By Reuters | January 23rd 2019
NEWS
Construction workers are seen at the Dangote Oil Refinery under construction in Ibeju Lekki district, on the outskirts of Lagos, Nigeria. [Photo: Reuters]

LAGOS- Nigeria’s central bank will provide 75 billion naira in financing to an oil refinery project being built by Africa’s richest man Aliko Dangote in the West African country, its Governor Godwin Emefiele said on Tuesday.

Emefiele said Dangote has invested around 50 percent of the $9 billion required for the refinery project as equity while the balance would come as loans from local and foreign lenders.

On completion by 2020, the 650,000 barrels a day oil refinery will meet Nigeria’s demand for petroleum products and for exports, which will generate foreign exchange for the West African country, Emefiele said.

Share this story
MTN pays Sh5.39b to settle Nigeria dispute
South Africa’s MTN has paid Sh5.39b to settle a money transfer dispute with Nigeria’s central bank and the matter has been withdrawn from court
China rejected Kenya's request for Sh32.8b debt moratorium
China is Kenya’s largest bilateral lender with an outstanding debt of Sh692 billion.
.
RECOMMENDED NEWS
Feedback