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Published On: Thu, Jan 24th, 2019

Refinery: CBN to provide N75bn Loan Facility for Dangote

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By Etuka Sunday

The Central Bank of Nigeria (CBN) has disclosed it would provide a loan facility to the tune of $300million (N75billion) for the ongoing Dangote Refinery project.
Nigeria’s apex bank Governor, Mr Godwin Emefiele disclosed this on Tuesday in Abuja while answering questions from newsmen shortly after the Monetary Policy Committee (MPC) meeting.
Emefiele said, Aliko Dangote has already invested about 50% of the $9 billion dollars needed for the project, saying that the N75billion was part of the remaining 50% that will be sourced as loans from both local and foreign lenders.
He said, the completion of the refinery would make Nigeria self-sufficient in the production of refined products and also make the country to be among the league of exporters of petroleum products.
Emefiele declared the CBN’s support to any company or individuals who are ready to invest in the transformation of the Nigeria economy.
“We are ready to support in Naira and also ready to provide foreign exchange for any investor who is ready to support Nigeria’s transformational agenda.
“I use this opportunity to repeat that we are ready to support any individual like Aliko Dangote who is willing to invest in this country. We will continue to support companies that display the determination to support the CBN. I feel so delighted and I am happy this is happening in my own life-time and I am sure you are all so happy,” he said.
Recall, Aliko Dangote, the President of Dangote Group, said that Dangote Petroleum Refinery will create $11 billion per annum market for Nigerian crude.
The Africa’s richest man said the Nigerian crude was specifically designed for 100 per cent Nigerian crude.
According to Dangote, upon completion, the refinery will meet 100 percent daily Nigerian consumption of all refined products and would also have the surplus for export.
The refinery is expected to provide over 100,000 indirect employment through retail outlets.
It is designed to meet Euro V grade, which is the highest standard in the world, hence products can be exported to any part of the world.

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