The African Development Bank has approved a US300-million dollar loan to Dangote Industries to build and operate a greenfield crude oil refinery and a greenfield fertilizer manufacturing plant.
Both projects will produce prodcuts for consumption in Nigeria and neighboring African countries. The refinery and fertilizer plant will allow Nigeria, which relies on imported petroleum products and fertilizer, to progressively become self-sufficient and a major exporter.
The project will double the country’s refining capacity, reduce fuel imports by more than 80%, and eliminate fertiliser imports. The projects are expected to help Nigeria save US65-billion dollar in foreign exchange.