Dangote’s $4.25bn refinery takes off in Ondo this year

[PeoplesDaily]

From Abdulwahab Isa

Africa's wealthiest man, Alhaji Aliko Dangote said his $4.25 billion oil refinery to be cited in Ondo state will commence operations before end of the year. The refinery project which aims to address problems associated with perennial scarcity of gasoline is being financed by banks consortium of banks- two international banks and several local banks. Aliko Dangote who presides over his conglomerate as President Dangote Group of Industries told journalists yesterday in Abuja at the 4th Annual General Meeting of the Dangote Cement plc that, he will be committing additional $20 billion in to investments in Nigeria next two years.

He said a lot of progress has been recorded in the preparation to flag off operation at the refinery before end of the year. He said the location is Ondo state in the South West part of the country. According to Africa's most outstanding business mogul, he is working towards meeting a set target of making Dangote Cement Industry the largest cement producer in the entire sub-Sahara Africa with over 60 million metric tons of cement and a commitment investment of over $ 5 billion.

He said the group's foray to other part of Africa is already yielding positive result with presence in Tanzania where a cement plant capacity of 3 million tones is running. He said the Senegal plant is already at a completion stage while Cameroun plant is ready for operation this year and Ethiopia to follow. Another $ 600 million is earmarked to be invested in South Africa plant and Niger will have presence of Dangote Cement Company.

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