Aliko Dangote gets $650m loan from Afreximbank

Richest man Aliko Dangote to receive loan from Afreximbank, he has signed the $650m loan from this African Export-Import bank Afreximbank which is related to his oil refinery project in Lekki Lagos in Nigeria. In his statement with the press he said that the seven year loan is going to be for five years which is according to facility related to the signing. 

Cairo been the Africa trade bank has also signed about $760 million so as to help the development of Nigerian’s bank in the bank of industry, Aliko Dangote signed the loan today been the 14/07/2018 where the Afreximbank is having its current annual meeting and also the 25^th anniversary celebration. 

Aliko Dangote group executive directors name Devakumar Edwin said that this oil reinfery project would cost about $10 billion and also it is going to be completed in December 2019. Aliko Dangote also added that the company can borrow about $3.4 billion for this project which was arranged by the Standard Chartered Bank which is going to go through export agencies. 

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He also added that after he has build his affluences on cement he now got interest in flour milling and also real estate, Aliko Dangote is said to be one of the most richest to build the largest oil refinery and also expanding it into fertilizer by aiming long standing problems which are in Nigeria’s energy markets. 

Aliko said that the refinery and also the petrochemical is been located on 26,000 hectares of the swampy land with a lot of jetty products on the sea between Nigerian and also abroad such as United kingdom, united state and other countries it also added that some include an undersea pipeline which is been use to transport gas.

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Aliko Dangote has put interest in producing different kinds of crude oil which is going to meet its local demand for refined petroleum products which has made him to target some export market. Where the Afreximbank are celebrating it 25 years anniversary their aim was to promote the intra Africa trade through the creation of paying platform so as to ease the settlement and also different currency risks that has been added.