The African Export-Import Bank (Afreximbank), the continent’s leading development financier, has revealed that its total financial support to the Dangote Refinery and Petrochemical Complex has exceeded $4 billion.
This was disclosed by the bank’s President and Chairman of the Board, Prof. Benedict Oramah, during the closing session of Afreximbank’s 32nd Annual Meetings held on Friday.
Oramah attributed the bank’s ability to fund such a massive project to its adoption of what he termed “African Best Practice,” which enabled Afreximbank to step in where other financiers hesitated.
“That was why, when others could not, we were able to directly and indirectly support the Dangote Refinery and Petrochemical Industry with over $4 billion,” he said.
Now fully operational, the refinery is helping Nigeria cut petroleum import costs by an estimated $10–12 billion annually, while boosting value-added exports and laying the foundation for long-term industrial growth.
Highlighting the bank’s broader continental impact, Oramah noted that Afreximbank has invested approximately $120 billion across Africa and the Caribbean between 2020 and May 2025.
Of this, $50 billion was disbursed in just two years (2022–2023), with a focus on strengthening local production capacity and reducing reliance on Black Sea supply chains.
Over the past decade, total investments by the bank have reached $155 billion. Its assets and guarantees have grown more than eightfold, hitting $43.5 billion by April 2025.
Meanwhile, revenue surged from $408 million in 2015 to $3.24 billion, and net income rose from $125 million to $1 billion.
Shareholders’ funds have also expanded to $7.5 billion, driven by consistent reinvestment of 50% to 70% of annual dividends.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, acknowledged the vital role Afreximbank has played in Nigeria’s development.
He emphasized that both the Dangote Refinery and numerous small and medium-sized enterprises (SMEs) have benefited from the bank’s support under Oramah’s leadership.
As of 2024, Nigeria accounted for approximately 60% of Afreximbank’s $30 billion commitment to Africa’s energy sector.
In a further push to reduce the continent’s dependency on imported fuel, the bank pledged an additional $3 billion in April 2025 to support intra-African trade in refined petroleum products.
Despite these advancements, energy experts caution that Nigeria’s full potential can only be realized through increased crude oil production and refining capacity.
While the Dangote Refinery marks a significant milestone, the long-term value of such projects will depend on broader and sustained improvements in the nation’s energy infrastructure.
