From BBC

Africa’s wealthiest man, Aliko Dangote, has signed a multi-billion dollar deal with banks to finance the building of an oil refinery in Nigeria. The refinery would be the largest in Africa, turning Nigeria into a petroleum exporter, he told the BBC.

Nigeria is Africa’s biggest oil producer but lacks refining capacity and has to import most of its fuel. The West African state is often hit by fuel shortages, and conflict over control of its oil wealth.

People in Nigeria’s oil-producing southern Niger Delta region are among the country’s poorest and accuse the government and oil companies of failing to develop the area.

‘Dilapidated refineries’

Mr Dangote, a Nigerian who made his fortune in cement, flour and sugar, is worth an estimated $16bn (£10bn) and has topped the Forbes list of Africa’s richest men for the past three years.

Mr Dangote told the BBC’s Focus on Africa programme the refinery would create “thousands” of jobs. It would be built in the south-west and would become operational in 2016, he said.

Read more at bbc.co.uk