Africa’s richest man, Aliko Dangote, has signed a $650 million, about 234 billion-naira, loan facility with the African Export-Import Bank, Afreximbank for his oil refinery project in Lagos, Nigeria.

Reuters reports on Saturday that the seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing.

Recall that Dangote Group Executive Director Devakumar Edwin told Reuters last week that the oil refinery would cost around $10 billion and should be completed by December 2019.

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He had said that the company would borrow $3.3 billion for the project, arranged by Standard Chartered Bank. The remainder will be funded by equity and through export agencies.

Afreximbank, celebrating its 25 years of operation this year, aims to foster intra-African trade through the creation of a payment platform to ease settlement and currency risks.

The refinery and petrochemical complex is located on 25,000 hectares of swampy land with a jetty to ferry products by sea within Nigeria and abroad including an undersea pipeline to transport gas. It would account for half of Dangote’s sprawling assets when it is finished next year.

Dangote intends to process different grades of crude to meet local demand for refined petroleum products and also target export markets abroad.

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