Dangote to build $8bn oil refinery in Nigeria

Alhaji Aliko Dangote

Africa’s richest man, Alhaji Aliko Dangote, plans to invest up to $8bn to build a Nigerian oil refinery with a capacity of around 400,000 barrels a day by late 2016, the tycoon told Reuters on Tuesday.

This will almost double Nigeria’s current refining capacity.

“This will really help not only Nigeria but sub-Saharan Africa. There has not been a new refinery for a long time in sub-Saharan Africa,” Dangote said in a telephone interview.