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The African Export-Import Bank (AFREXIMBANK) last Thursday said that it would assist the Dangote Group to access foreign exchange and funding for its 17 billion dollars refinery projects.
Dr Okey Oramah, the President, AFREXIMBANK, gave the assurance during a tour with its board members to the refinery which is projected to refine 650,000 barrels of crude oil per day.
The tour of the facility was held at its location within the Lekki Free Trade Zone in Lagos.
Oramah said that the board members decided to visit Dangote group which is a leading African conglomerate business in West Africa and provide support to its ongoing refinery projects.
“We are looking at providing all necessary support both financial and otherwise to ensure that the project is completed within the time frame.
“We are also looking at providing support window for Dangote group that will be used to fund its projects to completion.
In his remarks, Chief Operating Officer, Dangote Industries Ltd., Mr Olakunle Alake, said that the board members of AFREXIMBANK which he called partners from Cairo in Egypt came to see the level of ongoing project.
Alake said that the Fertilizer plant project was gradually nearing completion stage, adding that work had also commenced on the refinery project.
He said that foreign exchange still remained a major challenge to the projects, adding that the forex had moved up from N280 per dollar to N310 now, which had further increased the company’s losses.
According to him, there are still serious challenges in sourcing for foreign exchange.
Dr Okey Oramah, the President, AFREXIMBANK, gave the assurance during a tour with its board members to the refinery which is projected to refine 650,000 barrels of crude oil per day.
The tour of the facility was held at its location within the Lekki Free Trade Zone in Lagos.
Oramah said that the board members decided to visit Dangote group which is a leading African conglomerate business in West Africa and provide support to its ongoing refinery projects.
“We are looking at providing all necessary support both financial and otherwise to ensure that the project is completed within the time frame.
“We are also looking at providing support window for Dangote group that will be used to fund its projects to completion.
In his remarks, Chief Operating Officer, Dangote Industries Ltd., Mr Olakunle Alake, said that the board members of AFREXIMBANK which he called partners from Cairo in Egypt came to see the level of ongoing project.
Alake said that the Fertilizer plant project was gradually nearing completion stage, adding that work had also commenced on the refinery project.
He said that foreign exchange still remained a major challenge to the projects, adding that the forex had moved up from N280 per dollar to N310 now, which had further increased the company’s losses.
According to him, there are still serious challenges in sourcing for foreign exchange.