👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

FinanceNews

Dangote already repaying loans taken to build refinery – CBN Governor

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said Monday that the President of Dangote Group, Aliko Dangote, has started repaying some commercial loans used in financing the Dangote Refinery before commissioning the plant.

Mr. Emefiele revealed this while delivering his speech during the official commissioning of the refinery.


👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

President Muhammadu Buhari on Monday commissioned the refinery amid high expectations that it will impact the nation’s oil and gas sector and the larger economy.Information Guide Nigeria

The pipeline infrastructure at the refinery is said to be the largest in the world, with 1,100 kilometres and will handle 3 billion standard cubic feet of gas per day.

Mr Emefiele said “Today, our history is being rewritten, and Nigeria’s trajectory for greater growth and prosperity is enhanced as we inaugurate Africa’s largest refinery, the Dangote Refinery, alongside its Petrochemical plant.

“The CBN partnered with the Dangote Group in ensuring the successful completion of the Dangote refinery project by providing about N125 billion, to cover domestic currency requirements for the venture.”

The CBN chief explained that the bank’s intervention in the refinery project is part of the CBN’s effort to support President Muhammadu Buhari’s drive to diversify the economy.

Other Top Stories:

Mr. Emefiele also lauded Nigerian banks for providing financing support to the Dangote Group for its refinery project.

“What you may not be fully aware of, Your Excellencies, is that the Dangote Group has started repaying some of the commercial loans even before the commissioning of this facility.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

“This reflects the commercial capability of the Group and its Chairman. I am pleased to inform everyone today that, following extensive repayments, outstanding debt has dropped appreciably from over US$9 billion to US$2.7 billion,” Mr. Emefiele said.JAMB Portal

“I must at this juncture appreciate all the participating local Nigerian banks, who did not only partner with the project through effective financing but were keenly aware of the importance of the project for our nation.

“They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due,” he said.

Mr. Emefiele restated the need for the nation to produce what Nigerians consume.

“Regardless of what the world thinks, Nigeria can be self-sufficient in all products that we consume and at the same time export our excess output to the rest of the world,” he said.

The apex bank governor expressed optimism that the country, under the incoming administration, will cease importing petroleum products, fertilizers and petrochemicals and save the country over US$26 billion.

“The refinery could spare Nigeria about N5 to N7 trillion annually in the fiscal expenditure of the federal government over the next five years,” he said.NYSC Portal

Check: JAMB Result

Check and Confirm: How much is Dollar to Naira

 

📢 We are hiring writers!

Article Writing Jobs - We are hiring good freelance writers - Click here to apply

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment. . Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,. . All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA). . . The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.
. We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

Goodnews

Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker