AFC provided US$300 million in senior debt to Dangote Industries to part-finance the construction of a 650,000 barrel per day crude oil refinery and a 2.8 million tonnes per annum urea fertiliser plant in Nigeria. The refinery will have the capability to double Nigeria’s current refining capacity, making Nigeria self-sufficient in fuel. When it is operational the refinery is forecast to improve the country’s trade balance by US$8.8 billion, boost GDP by US$13 billion (2.3 percent of total GDP) and increase government revenue by US$3.3 billion.
Estimated to cost US$18bn, the refinery will produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene. The project is expected to generate 4,000 direct and 145,000 indirect jobs.
AFC has sought to address the wider infrastructure divide by originating, structuring and executing projects in the African power sector….
The DFI community, including the AFC, continues to play the important facilitation role by becoming more and more involved in projects….
As a continent endowed in natural and mineral resources, Africa has the capacity for sustainable growth in industrial output….
Expanding connectivity and energy efficient equipment are predicted to be the main drivers of investment and deal activity in Sub Saharan Africa….
AFC acts as an adviser and financier to a number of leading sponsors seeking to undertake important transactions in the mining and oil and gas industries and associated infrastructure….