In a $9bn deal Nigerian Aliko Dangote is set to build an oil refinery in the Niger Delta region of Africa, which is expected to provide thousands of jobs and bring increased development to the area.
Mr Dangote has topped the Forbes list of Africa’s richest men for the past three years having built his business in the cement, flour and sugar industries, resulting in a fortune worth $16bn. In a $3.3bn deal with local and foreign banks, Dangote is to use the money to build the refinery as well as fertiliser and petrochemical plants, according to this BBC article.
To be completed in 2016, the refinery is set to put a stop to the state’s import crisis where, although Nigeria remains Africa’s biggest oil producer it still has to import most of its fuel as it lacks the refining capacity. Dangote told a BBC Focus on Africa programme, ‘For the first time in our lifetime we’ll see Nigeria exporting petroleum product,’ and that this will provide ‘thousands’ of jobs such as oil and gas management and engineering roles.
Image Credit: Paul Lowry (flickr.com)