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 to refinance the construction of the Dangote Petroleum Refinery and Petrochemicals Complex.
Afreximbank served as the Mandated Lead Arranger for the syndication, which is among the largest seen in African financial markets in recent years.
The funds will refinance capital already spent on building the refinery, which is the world’s largest single-train facility with a processing capacity of 650,000 barrels of crude oil per day.
The financing will help reduce early operational costs and improve Dangote Industries’ balance sheet, allowing the company to continue on its growth path.
Afreximbank’s $1.35 billion contribution represents the largest share in the syndicate, highlighting the bank’s commitment to transformative infrastructure projects that support Africa’s industrialization, strengthen energy security, and promote trade across the continent.
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Since operations at the refinery began in February 2024, Afreximbank has played a key role by offering financial support for crude oil supply and product offtake, helping to ensure the refinery runs smoothly and uninterrupted.
Speaking on the development, Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, said:
“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. The journey to utilise African resources for its own economic transformation is well underway. Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd to produce and supply high-quality refined petroleum products to the Nigerian market (Dangote Refinery To Rely Entirely On Nigerian Crude By End Of 2025), as well as for export to the entire continent and the world (Dangote Refinery Ships 1 Million Tons Of Petrol Abroad As Nigeria Becomes Net Fuel Exporter). Our energy security is in sight.”
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, added:
“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within. This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa. The syndicated facility attracted strong participation from leading African and international financial institutions, reflecting enduring confidence in Africa’s industrial potential and Dangote’s vision in transforming Africa.”
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Image Credit: Nairametrics
