London, Kingdom | – The African Development Bank (AfDB) has approved a loan of $300m to boost fuel supply and fertilizer production in Nigeria.
Dangote Industries has been granted the loan for the construction and operation of a greenfield crude oil refinery as well as the construction of greenfield fertilizer manufacturing plant.
Both projects, which will produce for consumption in Nigeria and neighbouring African countries, will enable the nation to significantly become self-sufficient and transformed into a major exporter.
In addition to adding value to local natural resources, the projects will double the country’s refining capacity, reduce by more than 80% current imports of fuel in the country and eliminate fertilizer imports.
The projects, which are expected to create over 30,000 temporary jobs during construction and 2,900 direct jobs during operations, will compliment ongoing effort of the Bank to support the federal government of Nigeria in the implementation of its Agriculture Transformation Agenda (ATA).