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Dangote Industries to build refinery, PP, and fertilizer plants in Nigeria

5:26 AM MDT | September 10, 2013 | Natasha Alperowicz

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

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