Africa's richest man, Dangote plans Nigeria's largest oil refinery

A company run by Africa's richest man received a loan toward a $9 billion project that will give Nigeria its largest oil refinery and petrochemical and fertilizer complex, reducing the country's reliance on international markets.

Aliko Dangote, president of Dangote Group, signed a loan worth $3.3 billion from 12 Nigerian and international banks toward the project which will be built in Nigeria's southwest.

"At the completion of these projects we expect Nigeria to become not only self-sufficient in fertilizer and refined petroleum products but indeed to become recognized as a leading exporter of these products," Dangote said at Wednesday's signing.

The 400,000 barrels-per-day oil refinery and complex will become operational by 2016, the company said. The plant will also produce 2.8 million tons of urea for fertilizing crops and to produce polypropylene, used to make plastics, a statement said.

Dangote said the company is still seeking an additional $2.5 billion in development funds to augment the $3.5 billion of its own equity put into the project. The $3.3 billion loan deal was led by Standard Chartered and Guaranty Trust Bank.