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Governor of Central Bank of Nigeria, Godwin Emefiele has stated that the Dangote refinery was established at a total cost of $18 billion.
He stated this while giving a speech at the commissioning of the Dangote refinery in Lagos state earlier today, May 22.
According to Emefiele, the Dangote Group and the CBN partnered on the refinery project so that there will be a successful completion of the project with over N125 billion to cover domestic currency requirements and to ensure that there was availability of foreign exchange to pay for equipment imports needed.
He explained that in 2013 when Dangote first indicated interest in setting up a refinery, the total cost was budgeted at $9 billion.
However, by 2017, the refinery set up costs had escalated from $9 billion to $18.5 billion with 50% equity investment by Dangote and 50% debt finance by local banks. Emefiele said.
