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Dangote gets $9billion loans for establishment of refinery in Ondo

By on September 5, 2013

Aliko DangoteDangote Group of companies is to Invest 9 billion US Dollars in the establishment of refinery, petrochemical and fertilizer industry at Olokola Free Trade Zone in Ondo State.

At the signing of the project loans between Dangote and participating banks at the Transcorp Hilton Hotel, in Abuja, the Chairman of Dangote Group Plc, Alhaji Aliko Dangote said the project, when completed would be the First private and African largest refinery in Nigeria.

Ondo State Governor, Dr Olusegun Mimiko in his address described the project as an expression of confidence in Nigeria.

Mimiko noted that citing the refinery in his State will boost the socio-economic development of the State and the people of the host community.

He said the state government would continue to provide conducive environment to ensure that business thrives in the State.

The Governor said the project would galvanise industrial growth in the State when completed.

In his address, Vice President, Namadi Sambo said the economic transformation of the present Government in the area of the downstream sector has been fruitfully yielding result With the huge investment of Dangote Group in the Oil refineries.

He commended Alhaji Dangote for taking robust advantage of the fiscal programmes of the Federal Government in creating conducive investment environment, saying private investors are the driving force of every economy.

Sambo who reiterated the determination of the Federal Government in giving necessary assistance to any private investor in Nigeria, declared that Nigeria is the best investment friendly Nation in Africa.

He charged other investors to emulate Dangote by joining the moving train.

The refinery will have the capacity to process 400,000 barrel of crude Oil and would also produce gasoline, diesel, aviation fuel and kerosene.

The project is expected to be completed in three years.