The African Export-Import Bank (Afreximbank) has signed a landmark $1.35 billion financing facility with Dangote Industries Limited (DIL), as part of a broader $4 billion syndicated loan package to refinance Africa’s largest industrial project, the Dangote Petroleum Refinery and Petrochemicals Complex.
The deal, announced Tuesday, positions Afreximbank as the Mandated Lead Arranger in what is being hailed as one of the largest syndicated loans in recent African financial history. The $1.35 billion contribution by Afreximbank represents the largest individual commitment among participating lenders.
According to Afreximbank, the facility will refinance funds already invested into building the 650,000 barrels-per-day refinery, which is recognized as the world’s biggest single-train refinery. The financing aims to ease operational cash flow pressures, bolster DIL’s balance sheet, and sustain long-term growth of the conglomerate.
Since the refinery began operations in February 2024, Afreximbank has continued to support its strategic role by offering solutions for crude oil supply and product offtake, thereby ensuring seamless operations in Africa’s most ambitious refining project to date.
Speaking on the milestone, Professor Benedict Oramah, President and Chairman of the Board at Afreximbank, emphasized the bank’s commitment to Africa-first solutions:
“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. Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery to supply high quality refined petroleum products to Nigeria, the continent, and beyond. Our energy security is in sight.”
Also commenting, Aliko Dangote, President and CEO of Dangote Industries Limited, hailed the financing as a reflection of shared vision:
“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.”
