The African Export-Import Bank (Afreximbank) has signed a $1.35 billion financing facility with Dangote Industries Limited (DIL), as part of a broader $4 billion syndicated loan arrangement for Africa’s largest industrial conglomerate.
The facility, one of the largest syndicated financings in recent African markets, will help refinance capital costs for the construction of the Dangote Petroleum Refinery and Petrochemicals Complex.
Afreximbank served as the Mandated Lead Arranger and contributed the largest share in the syndicate. The 650,000-barrel-per-day refinery, now operational, is the largest single-train refining complex in the world. The financing will reduce initial operational expenditures and strengthen DIL’s financial position, enabling further expansion across the continent’s energy and industrial sectors.
“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within,” said Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank.
“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, as well as for export to the entire continent and the world. Our energy security is in sight.”
Since the refinery began operations in February 2024, Afreximbank has continued to back the project with additional financing solutions, including crude supply and product off-take support, helping to stabilize early operations.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, stressed the strategic importance of the partnership, saying, “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 participation from both African and international lenders, a signal of sustained investor confidence in Africa’s industrial capacity and Dangote’s long-term vision.
