Africa’s richest person, Aliko Dangote, has started discussions with some foreign banks to secure billions of dollars for crude oil importation.

The Africa Finance Corporation (AFC), a pan-African development lender is one of the institutions involved in the talks to raise money, according to Financial Times, FT.

The report noted Dangote Refinery needs to purchase additional crude oil to hit 650,000 barrels per day full capacity.

Already, the Knightsbridge Strategic Group (KSG), a group of experts from US and UK, providing geopolitical intelligence, said it expected the refinery to hit full capacity in 2025, adding: “Assuming full capacity is eventually reached at the Dangote Refinery, KSG assesses that there will be long-term reductions in local fuel costs and increased market competition in Europe as Nigeria becomes a new fuel exporter.

“KSG assesses that Nigeria’s transition to reliance on domestic refined oil will likely allow European nations to de-risk their oil supply chains from Russia further, given the freed-up supply Nigerian refined oil demand will leave countries like Belgium, the Netherlands and Norway with an oversupply.

“Once the refinery reaches full capacity, long-term reductions in local fuel costs and increased competition in Europe’s fuel market is expected. The government’s failure to address refinery issues may trigger political unrest, including violent protests, as the removal of fuel subsidies exacerbates the crisis.”

Salewa97:
Toh

Shadomaan7:
The Dangote refinery story don dey bore some people.

MadamExcellency:
CBN should not give Dangote even $1. He should go to the black market like every one of us is doing.

trutharena:
All hands are on deck to ensure the refinery operates at full capacity.

nairalanda1:
That shows that domestic crude production isn't enough to meet refining needs.

Simple

blacksam01:


He doesn't need ur fx for his importation... He earns so much fx , biggest after FG... He owns good flourishing biznesses outside Nigeria which can give him FX...

CodeTemplarr:
Maybe he want tohighlight lack of local patronage. Lol

odejimioflagos:
This is a good move.

Dangote has always been a visionary businessman and I trust he will pull this off.