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Dangote eyes $9bn oil plant in Nigeria

Lagos - Dangote Group said it will borrow $3.3bn to invest in a $9bn oil refinery and petrochemical complex in Nigeria, Africa's most populous nation and top oil producer.

The Nigerian group, which has interests ranging from cement to sugar and basic food processing to oil and gas, also said it was seeking an additional $2.25bn from development funds for the project, into which it would put $3.5bn of its own equity.

The loan would be signed with financiers on September 4, it said in statement. Owner of Dangote Group, Africa's richest man Aliko Dangote, announced plans for the refinery in April.

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