BusinessEmefiele Applauds Dangote’s Commitment to Credit Worthiness, Says Huge Portion of $18bn...

Emefiele Applauds Dangote’s Commitment to Credit Worthiness, Says Huge Portion of $18bn Refinery Loans Repaid




May 22, (THEWILL) – The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has commended the Dangote Group for establishing a reputation for credit worthiness.

He also disclosed that a huge portion of the commercial loans extended to the group for the construction of its $18 billion refinery project has been repaid.

Emefiele made this disclosure at the inauguration of the Dangote Petroleum Refinery and Petrochemical complex in Lagos on Monday by President Muhammadu Buhari.


His words, “Your Excellencies, we have it on good authority that the Dangote Group has paid down some portion of the commercial loans even before the commissioning of this facility. As at today, total outstanding stands at $2.7 billion.

“This reflects the astute credit worthiness and commercial
capability of the Group and its Chairman, Alhaji Aliko Dangote.

“Your Excellencies, please permit me at this juncture to 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 to our nation.

“They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due,” Emefiele said at the occasion witnessed by a large number of dignitaries, including five other African presidents.

Emefiele thanked President Buhari for his support towards the vision to ensure that Nigeria is self- sufficient in economic requirements.

According to him, the refinery is a testament of Buhari’s vision for Nigeria’s self-sufficiency in the production of goods and services, especially in oil and petrochemical commodities.

“Mr. President, I must thank you for your astute vision to ensure that Nigeria produces what we consume and that we consume what we produce.

“This refinery and petrochemical project is a testament to your vision for Nigeria.

“It shows that, 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.

In his speech, President Buhari urged African countries to come together to create prosperity for the continent.

He stressed the need for African countries to come together, integrate their economies, eliminate trade barriers, and rally their populations to achieve Agenda 2063 for the continent’s prosperity

He said, “I have confidence that my successor, His Excellency, Bola Tinubu will sustain the improvement in our economy and business environment and stress on the framework of our government partnership to accelerate the growth of our economic development.

“I am going to be leaving our economy in competent hands and I congratulate the Chairman and the Board of Directors and the management of Dangote Group for their notable contribution to the industrialisation of our economy and that of our continent.”

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