Africa's richest man to invest $8bn in Nigerian oil

Africa's wealthiest man, Aliko Dangote, says he aims to invest up to $8bn in a major new oil refinery that would almost double Nigeria's oil output, according to a report by the BBC.

Nigeria is Africa's biggest oil producer but lacks refining capacity and has to import most of its fuel.

Mr Dangote, 56, told Reuters news agency that those who should have invested in refineries were benefiting from Nigeria's lack of capacity.

Building a major refinery would help all of sub-Saharan Africa, he said.

The tycoon, who made his fortune in cement, flour and sugar, is worth an estimated $16bn (£10bn; 12bn euros) and has topped the Forbes list of Africa's richest men for the past three years.