Afreximbank Secures $1.35 Billion for Dangote Refinery in Landmark African Financing Deal
The African Export-Import Bank (Afreximbank) has announced the signing of a $1.35 billion financing facility for Dangote Industries Limited (DIL), as part of a broader $4 billion syndicated loan package for Africa’s largest industrial conglomerate.
Afreximbank acted as the Mandated Lead Arranger for the transaction—one of the largest syndicated financings recently recorded in African markets.
The funds will be used to refinance capital previously invested in the construction of the Dangote Petroleum Refinery and Petrochemicals Complex, which holds the distinction of being the world’s largest single-train refinery, with a processing capacity of 650,000 barrels per day.
“This refinancing strengthens our balance sheet and accelerates the refinery’s ability to supply high-quality refined petroleum products across Africa,” said Aliko Dangote, President and CEO of Dangote Industries Limited.
The facility aims to ease initial operational costs while reinforcing Dangote Industries’ financial position, supporting its long-term growth and expansion goals.
A Landmark in African-Led Financing
Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, hailed the deal as a defining moment for African development financing.
“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within.
It is only when African institutions lead the way that others can follow,” said Oramah.
Afreximbank’s $1.35 billion commitment is the largest individual contribution within the syndicate, underscoring the bank’s ongoing commitment to transformative infrastructure projects.
The facility aims to enhance Africa’s industrial capacity, strengthen regional energy security, and promote intra-African trade.
Since the Dangote Refinery began operations in February 2024, Afreximbank has played a pivotal role in its growth by facilitating essential financing for crude oil procurement and refined product offtake—ensuring uninterrupted production at what is widely regarded as Africa’s most ambitious energy project.
Aliko Dangote recently projected that his industrial empire could generate $30 billion in total revenue by next year, even as global markets brace for economic shifts, including new trade tariffs imposed by U.S. President Donald Trump.
Dangote also revealed plans to democratize ownership of the refinery. In a strategic move toward broader inclusion, the conglomerate is preparing to list shares of the Dangote Refinery on the stock exchange.
This will allow individual Nigerians and institutional investors to acquire a stake in the project and benefit from its long-term growth potential.
