Gulf Oil and Gas accountACCOUNT

AfDB Approves $300m Loan to Boost Fuel Supply and Fertilizer Production in Nigeria

Source: www.gulfoilandgas.com 6/17/2014, Location: Africa

Share |
The Board of Directors of the African Development Bank (AfDB) approved on 13 June 2014 a loan of USD 300 million to Dangote Industries Limited for the construction and operation of a greenfield crude oil refinery and a greenfield fertilizer manufacturing plant.

Both projects will produce for consumption in Nigeria and neighboring African countries. The project will allow Nigeria, which currently relies on imported petroleum products and fertilizer, to progressively become self-sufficient and transformed into a major exporter. Ultimately, the project will act as a catalyst to support job creation.

The oil industry in Nigeria contributes a large share to gross domestic product and accounts for the bulk of federal government revenue and foreign exchange earnings. The country is the first crude oil producer in Africa, with a production close to 2.2 million barrels per day. Paradoxically, the country is a big importer of refined petroleum products for its economy as well as fertilizer products. The Dangote Group was established in the late 1970s and started with importing sugar, milk, flour, fish, rice, cement and iron rods. The Group is now a diversified conglomerate with business interests in cement, sugar, salt, port operations, packaging material production and real estate.

The projects will add value to local natural resources, double the countryís refining capacity, reduce by more than 80% current imports of fuel in the country and eliminate fertilizer imports. The projects are expected to help Nigeria on forex savings of $ 65 billion through import substitution and provide revenues for FGN (taxes and fees).

The projects will also create over 30,000 temporary jobs during construction, and 2,900 direct jobs during operations. The projects will compliment Bankís ongoing effort to support FGN for the implementation of the Agriculture Transformation Agenda (ATA).

For more information about related Opportunities and Key Players visit West Africa Projects

Financials and Investment News in Nigeria >>

Azerbaijan >>  10/17/2017 - SOCAR paid AZN 117 million 330 thousand to the State Budget for September of the current year. In general, for January-September 2017, SOCAR transferr...
Austria >>  10/16/2017 - OPEC crude for 2018 was revived up by more than 0.2 mb/d from the previous month to 33.1 mb/d representing an increase of 0.3 mb/d over 2017. ...

United Kingdom >>  10/16/2017 - NU-Oil and Gas plc was awarded Best Performing Share at the recent AIM Awards 2017. Best Performing Share is a factual award based on share price perf...
Norway >>  10/12/2017 - The cost of developing Totalís Martin Linge oil and gas field off the coast of Norway has risen by a further 1.4 billion Norwegian crowns ($177 millio...

Austria >>  10/11/2017 - OPEC crude in 2017 is estimated to be 32.8 mb/d, or 0.6 mb/d higher than in 2016. In 2018, OPEC crude is projected to reach 33.1 mb/d, about 0.3 mb/d...
Iraq >>  10/11/2017 - DNO ASA, the Norwegian oil and gas operator, reported receipt of USD 39.50 million from the Kurdistan Regional Government as payment towards July 2017...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |

More News

 

Oil & Gas Companies in Nigeria >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.