LAGOS, Nigeria (AP) — Africa's richest man says his company has received a $3.3 billion loan to build Nigeria's biggest oil refinery and petrochemical and fertilizer complex.
Aliko Dangote, president of Dangote Group, said the project, expected to be completed in 2016, will lower Africa's dependence on the international market. Nigeria is Africa's biggest oil producer but has to import most of its fuel as it lacks refining capacity. He spoke Wednesday at the signing of the loan from 12 Nigerian and international banks.
Dangote Group says it is still seeking an additional $2.5 billion in development funds to augment the $3.5 billion of its own equity put into the $9 billion project.
The refinery will be built in Nigeria's southwest.
Nigeria is a top supplier of crude to the United States.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
After getting out of federal prison early this week it looks like former state Sen. Manny Aragón isn't at a halfway house after all. He's back at his own house in the South Valley.
The owner and an employee of a local smoke shop are in federal custody accused of selling spice at the Rio Rancho store.
The New Mexico State Police officer who fired his weapon at van filled with kids during a traffic stop gone bad has been fired.
The civil case filed against former cop Levi Chavez in the gunshot death of his wife is coming to an end without a trial.
Could there be a serial dog snatcher in Roswell?
New Mexico is at the beginning of a deep freeze, and state officials are paying close attention.