Dangote to invest $2bn in Nigerian petrochemical and fertiliser complex. 

African conglomerate Dangote is reportedly planning to spend $2bn at its petrochemical and fertiliser complex in Lagos, Nigeria.
The company plans to add new production lines for polyethylene and double production of polypropylene at the refinery, which are the key compounds used in the production of plastics.
The complex is expected to process 400,000 barrels of crude oil a day and produce 2.8 million tonnes of urea as well.
This latest investment is in addition to the previous $9bn of funds in the oil refinery and petrochemical complex.

"But most people in the oil business have slowed down or suspended projects. So I think we will get very good deals in terms of building."

Dangote Group chairman and CEO Aliko Dangote was reported by the Financial Times as saying that the refinery and petrochemicals project is planned to be completed by the end of 2017.
The project is believed to help Nigeria cut its fuel imports and costs associated with subsidies and crude oil swaps. Dangote said that the company has already raised two-thirds of the initial foreign currency requirement.
"The devaluation will increase our dollar costs," Dangote added.
"But most people in the oil business have slowed down or suspended projects. So I think we will get very good deals in terms of building. That will compensate"
Last year, the company has signed deal with local and international commercial banks, including Guaranty Trust Bank and Standard Chartered Bank for $3.3bn loan for the project.