Afreximbank has signed a US$2.5 billion financing facility to support Dangote Group as it pursues ambitious expansion plans aimed at reaching US$100 billion in annual revenue by 2030, the bank said in a statement Wednesday.
The facility forms part of a larger US$4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE and is intended to fund the Group’s “Vision 2030” growth strategy. Presented to Afreximbank’s Board of Directors on March 31, the strategy lays out a two-phase programme spanning 2025–2028 and 2028–2030, focusing on capacity expansion, optimisation of existing platforms, and entry into new sectors.
Among the planned initiatives, the Dangote Petroleum Refinery’s output is set to increase from 650,000 barrels per day (bpd) to 1.4 million bpd, while fertiliser production is expected to quadruple from 3 million to 12 million tonnes annually, potentially making the Group the world’s largest urea fertiliser producer. Expansion plans also include cement, rice, and broader food production, alongside infrastructure projects, gas, mining, data centres, and power, the statement said.
Aliko Dangote described the partnership with Afreximbank as “more than financial support; it is about a shared dream for the continent.” He noted the bank’s early backing for the refinery project and said the collaboration reflects a shared mission to drive African industrial growth.
George Elombi said the agreement underscores the convergence of purpose between the bank and Dangote Group to reduce Africa’s dependency on imports and channel the continent’s resources for local benefit. He expressed confidence that the partnership would “accelerate the changes we desire” amid global economic fragmentation and rising protectionism.
