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During the official commissioning of the Dangote Refinery, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced that Aliko Dangote, President of Dangote Group, has already begun repaying some of the commercial loans used to finance the refinery.
The CBN provided about N125 billion to cover domestic currency requirements for the venture, as part of the bank’s effort to support President Muhammadu Buhari’s drive to diversify the economy.
Mr Emefiele praised Nigerian banks for their financing support and stated that the outstanding debt has dropped from over US$9 billion to US$2.7 billion.
“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.
“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.
He expressed optimism that the refinery could spare Nigeria about N5 to N7 trillion annually in the fiscal expenditure of the federal government over the next five years and help the country become self-sufficient in all products that Nigerians consume.
This article was updated 4 months ago