World's Wealthiest Black Person Aliko Dangote to Invest up to $8bn in a Major New Oil Refinery

Mr. Dangote plans to build a $7 billion oil refinery facility that would annually process petroleum mainly for domestic consumption. Despite being one of the world’s top oil producers, Nigeria does not refine its own oil and has to import more than 75% of its fuel.

Fuel in Nigeria is sold at a subsidised price. A government attempt to remove the subsidy in 2012 led to nationwide protests. The plan was subsequently dropped.

Last year an investigation revealed that in two years, over $6bn was lost in a fuel subsidy scam. The investigation was later dropped when the legislator leading it was later arrested over bribery allegations.

Construction work on the refinery will begin this year and it would eventually have the capacity to produce 450,000 barrels per day.