Dangote group seeks $3.3 billion in financing to build $9 billion refinery

The lack of refining capacity is among the major brakes on Africa’s second biggest economy. Sorting it out would boost growth and save on fuel import bills.

But it would be bad news for European refiners and oil traders who make huge profits bringing in the gasoline.

Past efforts to build refineries have been delayed or cancelled, but analysts say Dangote should be able to build a profitable Nigerian refinery owing to his past successes in industry and his strong business connections.

Dangote insists the refinery will be profitable, although industry experts say that would only be the case if the government guarantees crude supplies at well below the market rate – or subsidizes his end-product.

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