Dangote Vows To End Fuel Importation In 4 Years

Aliko Dangote110510The richest Black man in the world and President of Dangote Group – Alhaji Aliko Dangote, yesterday vowed to bring fuel importation in Nigeria to an end in four years when his proposed refinery comes on stream.

Work on the proposed 400,000 barrels per day $4.25 billion  refinery to be sited in Ondo State, would commence later in the year, Dangote said in an interview after the Annual General Meeting of Dangote Cement in Abuja.

According to the business mogul, his group would provide half of the project cost while the balance would be sourced from two foreign banks and Nigerian banks.

“We hope to start something by end of the year. We have put down 50 percent of the money. We have secured $4.25 billion from two foreign banks and the rest from local banks,” Dangote said.

According to Forbes Magazine’s latest ranking, Aliko Dangote is worth in excess of $16 billion in net assets; a feat which bestows on him the title of the richest black man on earth.

Speaking on the wave of insecurity and its impact on businesses, Dangote said his business was not significantly affected and commended government for its efforts in tackling the security situation just as he urged Nigerians to support the authorities by doing what is right “instead of confusing them and making noise all over the place.”


  1. Dangote, may Almighty God give u d power 2 fulfill dis project. Amen. Ur better dan d politician dat steal our country’s money and end up exteblishin bussiness outside d country. Shameless politicians, wit empty promises.