Dangote to Build The Biggest Refinery In 2016

Alhaji Aliko Dangote, president of Dangote Industries Limited (DIL) has  signed a $3.3bn loan deal with local and foreign banks to build the refinery, as well as fertiliser and petrochemical plants in Nigeria yesterday. Guaranty Trust Bank Plc (GTBank) and Standard Chartered Bank led nine other banks for the $3.3 billion syndicated facility. GTBank was the local coordinator, while Standard Chartered Bank was the global coordinator for the deal. This is the largest syndication by banks in Nigeria so far.

The entire venture would cost $9bn, with $3bn in equity from Dangote Industries and $6bn to be raised in loan capital.. The refinery is expected to reach 400,000 barrels of crude oil per day which automatically cuts Nigeria importation of petroleum products by 50%.

for employment, its target is 85,000 Nigerians hmmmmmm if this project succeeds then Nigerian Youths say bye-bye to unemployment. 

I also heard that Jonathan has being excited and will soon release a press statement via his mouth piece Mr. Abati. 

okay more details later.....