Dangote signs $650 million Afreximbank loan for oil refinery project

Africa’s richest man, Aliko Dangote, has signed a $650 million loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Nigeria.

Chief Executive of Dangote Industries Limited Aliko Dangote speaks at the Bloomberg Global Business Forum in New York City

Africa’s trade bank, based in Egypt, also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry.

Reuters witnessed the signing of both loans on Saturday.

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