In a recent address at the Afreximbank Annual Meetings in Nassau, The Bahamas, Aliko Dangote, the founder of the Dangote Group, disclosed that he has already repaid $2.4 billion of the $5.5 billion loan for his $19 billion Lagos-based refinery project.
Dangote, Africa’s richest man, acknowledged the support of Afreximbank and Access Bank, stating that the project’s success would not have been possible without their backing. He revealed that the refinery, which has a capacity of 650,000 barrels per day, will serve as a strategic reserve for Nigeria “We borrowed just over $5.5 billion. But we paid also a lot of interest as we went along, because the project was delayed because of lack of land, also the sand-filling took a long time. Almost five years or so we’ve done very well. We now have only about $2.7 billion left to be paid,” Dangote said.
The billionaire entrepreneur also alleged that powerful oil cartels made repeated attempts to undermine his refinery project, which he likened to a “mafia” that is “stronger than the mafia in drugs.” Despite the fierce opposition, Dangote remained resolute, stating, “I’m a person that has been fighting all my life. You know, so I think it’s part of my life to fight.”
Dangote further revealed his plans to venture into the steel industry, aiming to use only Nigerian-produced steel to ensure self-sufficiency and reduce reliance on imports.
The Dangote Refinery recently shifted its plan to release petrol into the market from June to July 10-15, citing minor challenges for the delay.
