The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Awards

Highly commended African deal of the year 2013: Dangote

Dangote’s $3.3 billion syndicated loan
Lead managers Standard Chartered, Guarantee Trust Bank
return to the Deals of the Year 2013 index

The head of Nigeria’s Dangote Industries, Africa’s richest man, Aliko Dangote, signed a $3.3 billion deal on September 4 2013 to finance the building of the largest oil refinery in Nigeria.

The refinery will transform Nigeria from an importer of refined products to an exporter, reducing current volumes of refined fuel imports by around 50%. Although Nigeria is Africa’s largest oil producer, the country lacks the capacity and infrastructure to produce its own refined fuel and nearly three quarters is imported.

Large petrochemical and fertilizer plants will also be constructed and will, in effect, stop fertilizer imports to the country.

"The economic impact will be huge and Nigeria will become a lot more self-sufficient. But the social impact that the project will have is also worth noting," says Bola Adesola, CEO of Standard Chartered in Nigeria. "This large project will have a knock-on effect and will spur the growth of smaller-scale industries.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree