Post #177

🇳🇬Once Again - How Much??? 🌐Nigeria has secured $50 billion to build another Africa’s second-largest oil refinery in its Ondo State. ⏩$50 billion is equal to Cameroon's GDP, for comparison. 🔸 The project is led by Backbone Infrastructure Nigeria Limited and Canadian company NEFEX Holdings. However, the question of where the funds themselves will be raised remains unanswered. In its public materials, NEFEX claims it has access to "leading global financial institutions". ⏩Recently Nigeria has ceased to be an oil well for other countries. However, now it risks becoming a gas station. 🔸 A couple of mega-refineries can lift exports of refined fuel and keep more value inside the country. However, this also calls for a wider plan. People need factories, power projects, farms that process what they grow, and tech jobs that last through oil price cycles. Let's hope the momentum will be used to move the country forward on the path of industrialization. Nigeria is too big to settle for a UAE-like economy. Devils Below