Business Dangote Refinery to get loan from GTB, Standard Chartered and nine other Banks

[jeff juwana]

Guaranty Trust Bank and Standard Chartered Bank led nine other local and international commercial banks in providing loan facility of $3.3billion to Dangote lndustries Ltdnforthe construction of biggest petroleum Oil Refinery & Perochemical/Fertilizer Plants in Nigeria. to the tune of $3.3billion for the purpose of constructing the biggest Petroleum Oil Refinery & Petrochemical/ Fertilizer Plants in Nigeria.This first facility The plants, which will cost a total of $9 billion will generate up to 9,500 direct and 25,000 indirect jobs and also reduce the volume of refined fuel imports by 50 percemt and stop the importation of fertilizer.
Yesterday, Aliko Dangote said that the plant will further entrench Africa’s role on the global map as not only a valued contributor for natural resources, but also a competent manufacturer of refined products and fertilizer due to this, Africa will rely less on importing fuel and fertilizer from foreign markets
CEO of Standard Chartered Bank in Nigeria, Mrs. Bola Adesola also added that Standard Chartered is proud to support the Dangote Group in a project which will significantly boost Nigeria’s economic productivity and create valuable jobs with specialist skills from key growth sectors. He said the project is an historic example of self empowerment and Leadership in the continenent.