Favour
Additionally, the Central Bank of Nigeria played a crucial role by providing approximately N125 billion to cater to the domestic currency requirements of the project.
The reduction of the loans from 9 billion to 3 billion is a testament to the financial prowess of the Dangote Group and its Chairman, Aliko Dangote.
As the project nears completion, it holds the promise of driving selfsufficiency in fuel production, reducing Nigerias reliance on fuel imports, and propelling the nation towards a more prosperous future.
With the Dangote Refinery setting a new standard in loan reduction, it serves as an inspiration to the industry and a testament to the vision, capabilities, and determination of the Dangote Group.
This proactive approach has been key in significantly decreasing the outstanding debt.
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Governor of the Central Bank of Nigeria, Godwin Emefiele, expressed his satisfaction with the Dangote Groups progress, stating, Following extensive repayments, outstanding debt has dropped appreciably from over 9 billion to 3 billion. This substantial reduction in debt showcases the commitment and financial strength of the group, further solidifying its position as a leader in the industry.
The Dangote Refinery, with a remarkable processing capacity of 650,000 barrels of crude oil per day, has established itself as the largest singletrain refinery worldwide.