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Oil Business Dangote plans 'first private crude oil refinery in Nigeria'

He is planning to set up a $12 billion oil refinery with a capacity of 650,000 barrels a day in Nigeria.

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Aliko Dangote play

Aliko Dangote

(Getty Image )

African's richest man Aliko Dangote plans to shift focus from Cement business to oil and gas.

He is planning to set up a $12 billion oil refinery with a capacity of 650,000 barrels a day in Nigeria.

Mr. Dangote told Reuters the $12bn refinery will be ready at the beginning of 2019.

"It will be ready in the first quarter of 2019," Dangote told Reuters. "Mechanical completion will be end of 2018 but we will start producing in 2019."

Dangote also has plans for a gas pipeline through West Africa, Reuters adds.

Dangote plans to build cement plant in eight Africa countries: Cameroon, Ethiopia, Kenya, Mali, Niger, Nigeria, Senegal and Zambia by 2018.

Another plant will open in Congo Republic by September, he added.

This would double his current cement business.

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