The Central Bank of Nigeria, CBN will provide 75 billion naira in financing to an oil refinery project being built by Africa’s richest man Aliko Dangote in Lagos.

The governor of the CBN, Godwin Emefiele stated this in Lagos on Tuesday.

Emefiele said Dangote has invested around 50% of the $15 billion required for the refinery project as equity while the balance would come as loans from local and foreign lenders.

On completion by 2020, the 650,000 barrels a day oil refinery will meet Nigeria’s demand for petroleum products and for exports, which will generate foreign exchange for Nigeria, Emefiele said.

Also Read: The Rise Of Aliko Dangote: 4 Quick Facts About How He Made His Billions

Dangote told reporters in Paris on Monday that he is on schedule to finish the refinery by 2020 despite inherent challenges.

The oil refinery, which will be one of the world’s biggest, is situated in Lagos and will cost Dangote $15 billion, about 5.4 trillion naira.

It is designed to process 650,000 barrels of crude daily.

“There are quite a lot of challenges, but we’re moving,” Dangote told reporters at a conference in Paris about the plant. “We’re still targeting next year for commissioning.”

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