Afreximbank grants $1.35bn facility to boost Dangote Refinery operations

The African Export-Import Bank (Afreximbank) has signed a $1.35 billion financing facility for Dangote Industries Limited (DIL), as part of a broader $4 billion syndicated loan to support the operations of the Dangote Petroleum Refinery and Petrochemicals Complex.

In a statement released by Afreximbank, the financing deal is described as one of the largest syndicated loans in recent African financial history. The funds are aimed at refinancing capital used in constructing the Dangote Refinery, the world’s largest single-train refinery, with a daily production capacity of 650,000 barrels. The loan will help reduce initial operational costs and strengthen DIL’s financial position to foster continued growth.

Afreximbank contributed the largest portion of the syndicated loan, reaffirming its role as a key financial supporter of Africa’s industrial and energy sectors.

Speaking on the development, Afreximbank President and Board Chairman, Professor Benedict Oramah, emphasized the importance of African-led financing. “With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within,” he said. “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.”

President and CEO of Dangote Industries Limited, Aliko Dangote, expressed appreciation for the support from Afreximbank, noting that the bank’s involvement aligns with a shared goal to industrialise Africa. “This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa,” he said.

Since the refinery commenced operations in February 2024, Afreximbank has continued to provide financial solutions, including support for crude oil supply and product offtake, ensuring stable operations.

The syndicated facility saw robust interest from top African and global financial institutions, reflecting broad confidence in Dangote’s vision and Africa’s industrial transformation potential.