Africa tycoon Aliko Dangote 'plans Nigeria refinery'

Africa's wealthiest man, Aliko Dangote, says he aims to invest up to $8bn in a major new oil refinery that would almost double Nigeria's oil output.

Africa tycoon Aliko Dangote 'plans Nigeria refinery' 67065454oil

Nigeria is Africa's biggest oil producer but lacks refining capacity and has to import most of its fuel.

Mr Dangote, 56, told Reuters news agency that those who should have invested in refineries were benefiting from Nigeria's lack of capacity.

Building a major refinery would help all of sub-Saharan Africa, he said.

The tycoon, who made his fortune in cement, flour and sugar, is worth an estimated $16bn (£10bn; 12bn euros) and has topped the Forbes list of Africa's richest men for the past three years.
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Aliko Dangote (file photo)

In five years, when our population is over 200 million, we won't have the infrastructure to receive the amount of fuel we use”

Aliko Dangote

Work on constructing the refinery would begin this year and it would eventually have the capacity to produce 450,000 barrels per day, he said.

He stressed that a new refinery was vital for Nigeria: "It has to be done."

"In five years, when our population is over 200 million, we won't have the infrastructure to receive the amount of fuel we use."

http://www.bbc.co.uk/news/world-africa-22189315

Africa tycoon Aliko Dangote 'plans Nigeria refinery'

Africa tycoon Aliko Dangote 'plans Nigeria refinery'

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