Afreximbank President George Elombi has revealed that Aliko Dangote plans to seek an additional $5 billion to expand his Lagos refinery.
Speaking at his investiture in Cairo, Elombi said Dangote personally disclosed the plan, adding that the bank would help source the funds.
“If it is done, it will double his production and cut prices by 50 per cent for Nigeria and West Africa,” Elombi said.
The $20 billion refinery, largely financed by Afreximbank, is Africa’s largest industrial project. Elombi said the expansion would reshape regional fuel supply and boost trade.
He pledged to build on his predecessor Benedict Oramah’s achievements, targeting a $250 billion balance sheet within a decade.
Dangote, in a goodwill message, congratulated Elombi and pledged the Dangote Group’s continued partnership with Afreximbank
