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Nigeria’s billionaires and big businesses are ploughing money into Africa’s largest economy even as foreign investors shy away from a country in the midst of its second recession in five years.
Banking-to-power millionaire Tony Elumelu said he was set to close a $1bn oil block deal soon, while flour-and-cement billionaire Abdulsamad Rabiu’s Bua Group is to build a multi-billion-dollar 200,000 barrel a day oil refinery in oil rich Akwa Ibom state.
That project will compete against a $12bn 650,000 barrel a day mega-refinery being built by Africa’s richest man Aliko Dangote on the outskirts of Lagos. Food Concepts, the company that owns Chicken Republic, the country’s biggest fast-food chain, will open another 30 restaurants by the end of the year.