Dangote Industries (Lagos) says it has signed a $3.3-billion loan agreement with a consortium of local and international banks. The loan will be used to construct the biggest oil refinery and petrochemical and fertilizer plants in Nigeria. The plants will cost $9 billion and create up to 9,500 direct and 25,000 indirect jobs in addition to reducing Nigeria's refined fuel import volumes by about 50%. The plants will effectively stop imports of fertilizer. The project will be financed by $3 billion in equity and $6 billion in loan capital, the company says.
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