Dangote borrows $3 billion for mega refinery


Dangote Industries said it has taken an additional loan of $3 billion for its Lagos refinery.

Dangote Group Executive Director Devakumar Edwin told Reuters that the $10 billion refinery should be completed by December 2019.

“As of today, cement is the biggest (part of the group). By 2020, the refinery will be the biggest (by assets),” he told Reuters in an interview at the site in the Lekki district of southwestern Lagos state.