Refining "is an excellent business to get into," Dangote said yesterday in an interview with Bloomberg TV in Cape Town, where he was attending a business forum. "We have already secured $4.25bn - two offshore banks and the rest are Nigerian banks."
Nigeria, a member of the Organisation of the Petroleum Exporting Countries, imports about 70 per cent of the oil products it needs to meet domestic requirements. The nation's four refineries process less than the 445,000 barrels a day of capacity because of aging infrastructure and poor maintenance. The country exports about four times that volume in crude oil.
"Moving into the oil refinery business is smart as there is a clear need for investments in this sector to help the country achieve its GDP growth potential," Andy Gboka, an analyst at investment bank Exotix Ltd., said by phone from London. "The country relies on imports for its own oil consumption while the country is an oil producer. This is something which is quite weird if you're to look on a world-wide basis."
Dangote is Africa's richest person, with an estimated wealth of $20bn, and the 34th wealthiest person globally, on the Bloomberg Billionaires' Index.
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