American credit rating agency Fitch Ratings says Nigeria’s richest man Aliko Dangote needs about $1.1 billion (N900 billion) to complete his refinery in Lagos.
The project, located in the Lekki area of Lagos, and expected to have finished in 2019, was reportedly delayed due to a lack of money and the adverse effects of the COVID-19 pandemic.
In May, Fitch Ratings released a company overview for the company, revealing that Mr Dangote invested all of his money and borrowed additional funds to finance the project.
The credit rating agency revealed that Dangote Industries Limited was planning to establish a local bond worth $750 million to partially fund the remaining part of the project.
