Aliko Dangote is seeking a loan of US$5 billion to expand the Dangote Refinery in Lagos. This was disclosed by George Elombi, the new president and chairman of the African Export-Import Bank (Afreximbank) during his inaugural address at the bank’s investiture ceremony in Cairo.
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Elombi stated that Dangote had personally disclosed the plan earlier and assured the bank would explore all possible financing options.
“Alhaji Dangote indicated to me this morning that he will be coming for an additional $5bn to expand the refinery. We have agreed to look for the money wherever it is, including in Afreximbank and your individual accounts. We believe it has to be done.
“If it is done, it will double his production and cut prices by 50 per cent, maybe for Nigeria and for all the countries along this West African coast. This will be a significant change,” he told the gathering.
Afreximbank was one of the major financiers of the US$20bn, 650,00 barrels capacity Dangote Refinery in Lekki Lagos Nigeria which has been described as a game changer in Nigeria’s energy landscape.
Earlier in his speech, Aliko Dangote, President of the Dangote Group, used the occasion to congratulate Elombi on his assumption of office as President of Afreximbank, praising his track record and pledging personal support for his leadership.
Dangote in a press briefing in Lagos on Sunday announced the intention to expand its 650,000 barrel-per-day refinery to become the world’s largest at 1.4 million barrels per day.
He noted that if the expansion is achieved, his refinery would topple the Jamnagar Refinery in India, with 1,240,000 barrels per day, as the largest refinery in the world.
According to him, the facility will also expand the production of polypropylene from 900,000 metric tonnes to 2.4 million metric tonnes per annum.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
