Dangote's spokesman told Reuters on Thursday that the industry has completed more than half of a bond issue. With a sum of 720.82 million dollars, this fundraising will allow it to finance its mega refinery in the suburbs of Lagos. Dangote Group's Director of Corporate Communications, Anthony Chiejina explains that there was a raise of N187.5 billion in the first round, which was completed in November.He said that there was a raise of 187.5 billion naira in the first round which was completed last month and at the same time announced the date of the second round.

Thus, in order to meet the company's need for the project last January, the proceeds of the issue will be allocated to the 1.1 billion dollars. In addition, in the option of fighting inflation, the Central Bank of Nigeria has raised its rates. Nevertheless, Nigerian companies have taken on debt because of low bond yields. The oil refinery is planned to have a capacity of 640,000 barrels per day, which is expected to turn Nigeria into a fuel exporter.