Africa’s biggest oil refinery said it secured $2.5 billion to fund its expansion, which is at the core of continent-wide efforts to boost domestic energy self-sufficiency.
Nigeria’s Dangote refinery, which currently handles about 650,000 barrels of oil per day, aims to more than double its capacity, potentially making it the world’s biggest facility of its kind.
The latest announcement comes as Dangote — owned by Africa’s richest man — gears up for a $4 billion IPO this year and prepares further projects, including a major refinery in East Africa. Its plans are the most ambitious of a series of investments underway across Africa, where resource-rich nations are seeking to capture more value from the oil and metals they dig up.