Africa’s Richest Person Aliko Dangote Plans to Invest R321,5bn in a Refined Oil Company in South Nigeria

Africa’s Richest Person Aliko Dangote Plans to Invest R321,5bn in a Refined Oil Company in South Nigeria

  • The richest person in Africa Aliko Dangote is set to build a large crude oil refinery in southern Nigeria
  • The Nigerian business man was named the richest person in the continent for 11 consecutive years
  • The oil refinery and fertilizer centre is worth about R321,5 billion and it large crude oil refinery is the first of its kind in the world

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NIGERIA - The richest person on the African continent Aliko Dangote has committed to building a refinery in southern Nigeria on what used to be swampland with the assistance of Devakumar Edwin.

The Nigerian billionaire was named the richest man in the continent for 11 years in row and acquired most of his wealth from Dangote Cement.

Africa's richest man, Aliko Dangote, plans to invest $21 billion, refined oil company
Africa's richest man Aliko Dangote plans to construct a large refinery in southern Nigeria. Image: Tom Saater & Justin Chin/Getty
Source: Getty Images

Edwin is now overseeing the oil refinery and fertilizer centre worth about R321,5 billion. The largest crude oil refinery is the first of its kind in the world, it’s the world’s third-largest fertilizer producer and the second biggest manufacturer of urea. The plant will see to the demand for fossil fuels that is set to grow in Africa in the coming years. The plan is Dangote’s most daring attempt to gain profit in the oil sector, TimesLIVE reported.

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Oil and gas sales account for 90% of the country’s export income. The Nigerian government is expected to spend about R150 billion on subsidies in the gasoline sector this year. The figure is more than the amount government spends on education, health and defence put together.

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The Lagos-based fertilizer plant has increased Dangote’s personal wealth to more than R313 billion. This makes the African businessman the 72nd richest person in the world according to Business Inside Africa.

Social media praises the businessman

Rebaone Mosonke commented:

“I wish Africa could realize its potential to compete head-on with other continents, it’s an African milestone.”

Sbu Ntshalintshali posted:

“Nigeria knows what is good for its economy. South Africa's crude oil refineries have suspended operations in Durban. And currently no plan to build a refinery to replace the lost volume. You will hear them talking about Battery Electric Vehicles (BEVs) and energy transition while they can't even lift loadshedding for two weeks.”

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Thabo Maatjie wrote:

“Africa is self-sustainable, only if visionary individuals stand to ensure its ability to.”

Siyanda Nkalane said:

“This is big, I hope he invests more in his county.”

Vuyi Jika added:

“Investment by a local. That is a true wealth of a country. Money that is produced by a local and invested locally. The idea of foreign investors doesn't sound great to me. Foreign investors look forward to taking the gains to their own countries.”

African billionaire Aliko Dangote makes early entrance at Femi Otedola's mum’s 90th birthday celebration

Briefly News also reported a video has shown the moment Femi Otedola welcomed his rich friends including Aliko Dangote to his mother's 90th birthday celebration.

The Nigerian billionaire approached Dangote who was about to come down from his Lexus car. While they shook hands and made small talks, other people came around and joined.

It was an atmosphere of friends meeting each other before the real birthday celebration of Lady Doja started. While all of them conversed, security men were on alert as pressmen struggled to film the event properly. The video was shared on Instagram by shared by Dele Momodu's Ovation.

Source: Briefly News

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