Dangote Group, the company owned by Africa’s richest man Aliko Dangote, said on Monday it planned to buy phosphate from Morocco and potash from Congo-Brazzaville to feed a planned fertilizer plant.
Dangote has raised a $3.3 billion loan to develop a $9 billion oil refinery and petrochemical complex in Nigeria, Africa’s biggest economy and top oil producer. The group has invested $3.5 billion of its own equity. Dangote told a business forum in Lagos his firm was close to signing a deal with a Moroccan firm to supply phosphate, without giving details.
He also said his planned oil refinery would have a capacity of 650,000 barrels per day (bpd), up from an initial plan of 400,000 bpd. “We can actually build … 30 percent cheaper than previously,” Dangote said, referring to lower construction cost as a result of cheap global steel prices. Read more