Aliko Dangote to build $8bn oil refinery in Nigeria

Business mogul and financial titan, Alhaji Aliko Dangote has made known his intentions to set up an Oil refinery here in Nigeria.

Below is what he told reuters via telephone interview,

I plan to invest up to $8bn to build a Nigerian oil refinery with a capacity of around 400,000 barrels a day by late 2016. 

This will almost double Nigeria’s current refining capacity.This will really help not only Nigeria but sub-Saharan Africa. There has not been a new refinery for a long time in sub-Saharan Africa.

The country currently has the capacity to produce some 445,000 barrels per day among four refineries, but they operate well below that owing to decades of mismanagement and corruption in Africa’s leading energy producer.

Dangote also added that making a new refinery run at a profit would work even if the government failed to scrap the subsidized fuel price.