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Billion Dollar Deal Moves Nigeria Closer to Oil Independence

Africa’s richest man, Aliko Dangote, signs deal to build Africa’s largest refinery

Aliko Dangote, noted by Forbes as Africa’s wealthiest man of the past 3 years, has secured the funding for a multi-billion dollar oil refinery in Nigeria. The refinery will be Africa’s largest and ensure that Nigeria becomes a petroleum exporter. Nigeria has previously had to import petroleum due to a lack in its refinery capability and will now gain fuel independence. The new refinery will bring thousands of jobs to Southern Nigeria and add fertiliser to the list of things that Nigeria exports. Cheaper fertiliser should also benefit the mass-production of food for the nation. Mr Dangote told the BBC…

At least for the first time in our lifetime, we’ll see Nigeria exporting petroleum products. We’ll also see Nigeria for the first time exporting fertiliser rather than using hard-earned foreign exchange to import fertiliser.

This deal can only help accelerate the boom Nigeria is currently experiencing. Is your company placed to make the most of it?

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