Aliko Dangote, Africa's richest tycoon, adds another $2B into Nigeria refinery

Aliko Dangote, Chairman, Dangote Group

Aliko Dangote, Africa’s richest businessman, is increasing the size of his investment in an oil refinery, petrochemical and fertiliser plant in Nigeria by more than a fifth to $11bn despite a looming slowdown in Africa’s biggest economy.

The project could eventually revolutionise Nigeria’s energy sector by slashing fuel imports, eliminating costly rackets associated with subsidies and crude oil swaps, and adding billions of dollars in value to petroleum exports.

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