Afreximbank Leads $1.35 Billion Financing to Propel Dangote’s Refinery

The African Export-Import Bank (Afreximbank) has taken a pivotal role in bolstering Africa’s industrial and energy sectors by leading a US$1.35 billion financing facility for Dangote Industries Limited (DIL), part of an overall syndicated loan package nearing US$4 billion. This substantial financing arrangement marks one of the largest syndicated loans in recent African financial history, underlining growing investor confidence in Africa’s industrial capacity and economic transformation.

Landmark Financing for Africa’s Largest Industrial Conglomerate

Dangote Industries Limited, Africa’s foremost industrial conglomerate, is currently home to the Dangote Petroleum Refinery and Petrochemicals Complex, the largest single-train refinery worldwide, with an impressive capacity of 650,000 barrels per day. This refinery is a game-changer for Africa’s energy landscape, positioning the continent as a significant player in global refining capacity.

The newly secured financing will refinance capital expenditures associated with the construction of this state-of-the-art complex, easing initial operational costs and significantly strengthening DIL’s financial foundation. By supporting DIL’s balance sheet, the facility facilitates continued growth, ensuring the refinery’s operational sustainability and expansion capacity.

Afreximbank’s Leading Role in African Industrialization

Afreximbank’s commitment of US$1.35 billion represents the largest single contribution among a consortium of banks involved in the syndication. This leadership role reinforces the bank’s strategic vision to advance Africa’s industrialization from within, focusing on infrastructure that enhances energy security and stimulates intra-African trade.

Since the refinery began operations in February 2024, Afreximbank has been instrumental in providing ongoing financial support for crude supply and product offtake. These efforts ensure uninterrupted refinery operations, which are vital to meeting Nigeria’s domestic demand and supplying refined petroleum products across Africa and international markets.

Perspectives from Leadership

Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, emphasized the significance of African-led financing in driving the continent’s development agenda:

“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 utilize 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, as well as for export to the entire continent and the world. Our energy security is in sight.”

Echoing this vision, Alhaji Aliko Dangote, President and Chief Executive of Dangote Industries Limited, highlighted the partnership’s strategic importance:

“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.”

Broader Impact on Africa’s Energy and Industrial Future

The Dangote Refinery is more than just an industrial marvel; it is a cornerstone for Africa’s energy independence and economic diversification. Currently, many African nations rely heavily on imported refined petroleum products, leading to costly expenditures and supply vulnerabilities. By producing large volumes of refined petroleum locally, the refinery addresses these challenges directly.

Furthermore, the refinery’s integration with petrochemical production facilities creates significant downstream opportunities, including the manufacture of plastics, fertilizers, and other essential industrial inputs. This vertical integration supports job creation, technology transfer, and skills development across the continent.

The financing package, led by Afreximbank, also signals a maturing African financial ecosystem capable of underwriting mega-projects with continental impact. The presence of multiple African and international financial institutions in the syndicate reflects a shared confidence in Africa’s capacity to harness its resources for sustainable economic transformation.

Afreximbank’s leadership in this landmark financing facility underscores a new era in African development finance—one characterized by self-reliance, strategic partnerships, and visionary projects that unlock the continent’s vast potential. By enabling Dangote Industries Limited to sustain and expand operations at its world-class refinery, Afreximbank and its partners are laying the foundation for a more industrialized, energy-secure, and prosperous Africa.