I’ve Paid $2.4bn of $5.5bn Borrowed to Build Refinery, Says Dangote

Aliko Dangote

Aliko Dangote, the renowned business tycoon and chairman of the Dangote Group, has made a significant announcement regarding the financial status of his colossal refinery project. The Nigerian billionaire has confirmed the repayment of $2.4 billion from the $5.5 billion loan secured for the construction of the $19 billion refinery.

During his address at a prominent financial forum, Dangote expressed his appreciation for the support from key African financial institutions, which he credited as crucial for the advancement of the project. He pointed out that without such regional backing, the project’s ambitious goals might have remained unattainable.

The Dangote Group’s refinery, which boasts a capacity of processing 650,000 barrels of crude oil per day, is set to revolutionize the oil sector in Nigeria and beyond. The repayment is a testament to the project’s success and Dangote’s commitment to enhancing industrial capabilities within the continent.

Dangote also shed light on the resistance faced from entrenched interests within the oil sector, likening it to a formidable “oil mafia.” He detailed the strategic financial planning that has allowed the group to navigate these challenges successfully.

“We have been diligent with our financial commitments, repaying both principal and interest,” Dangote stated. “Our balance sheet remains robust, and we are on track to clear the remaining $2.7 billion. This project is a testament to what can be achieved with determination and strategic partnerships.”

The refinery’s impact is expected to extend beyond Nigeria, serving the needs of the entire sub-Saharan region and marking a significant step towards self-reliance and economic empowerment.

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