We secured about $5.5 billion in bank loans to build Dangote Refinery – Aliko Dangote  

Africa’s richest individual, Aliko Dangote, disclosed that his company secured approximately $5.5 billion in bank loans from domestic banks across Africa to build the Dangote refinery. Speaking at the ‘AfriCaribbean Trade and Investment Forum’ in The Bahamas, Dangote highlighted that the loan was based on the company’s balance sheet rather than project financing from international lenders, which could have demanded extensive guarantees.

Dangote explained that the loan, which accrued interest due to delays in the refinery’s construction, has been gradually repaid. He mentioned that about $2.4 billion of the loan has already been paid back, emphasizing the company’s significant progress despite the project’s scale. Dangote expressed confidence in their financial strategy, noting that $2.7 billion remains to be paid.

The Dangote refinery, located in Lagos, Nigeria, is the largest petroleum refinery in Africa and Europe with a capacity of 650,000 barrels per day. It aims to supply petroleum products to Nigeria and other African countries. Recently, the refinery began exporting jet fuel to Europe, with the first shipment heading to Rotterdam, Netherlands. Despite a slight delay, the supply of diesel to the local market has started, and petrol supply is expected to commence by mid-July.