Afreximbank leads $1.35bn financing in $4bn syndicated loan to refinance Dangote Refinery

The African Export-Import Bank (Afreximbank) has announced the signing of a landmark US$1.35 billion financing agreement with Dangote Industries Limited (DIL), as part of a broader US$4 billion syndicated facility aimed at refinancing the construction of the Dangote Petroleum Refinery and Petrochemicals Complex.

As the Mandated Lead Arranger for the syndication, Afreximbank contributed the largest single share of the facility, reaffirming its commitment to Africa’s industrialisation, energy security, and intra-African trade.

The refinancing package, one of the largest syndicated loans in recent African financial history, will support the Dangote Refinery, the world’s biggest single-train refinery, with a processing capacity of 650,000 barrels per day. The facility will ease initial operational costs, strengthen DIL’s balance sheet, and reinforce the company’s long-term growth plans.

Operations at the refinery, which commenced in February 2024, have continued to benefit from Afreximbank’s financial support, including funding for crude supply and product offtake, ensuring uninterrupted production and distribution.

Commenting on the deal, Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, said:

“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. When African institutions take the lead, others will follow. This initiative marks another step in our journey to utilise Africa’s own resources for its economic transformation.

“Through our funding, we are enhancing the capacity of the Dangote Refinery to supply high-quality refined petroleum products to Nigeria, the continent, and global markets. Our energy security is in sight.”

Alhaji Aliko Dangote, President and Chief Executive of Dangote Industries Limited, praised the partnership, stating:

“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialise Africa from within. This refinancing strengthens our balance sheet and enables the seamless supply of refined petroleum products across Africa.”

The syndicated facility drew strong interest from leading African and international financial institutions, reflecting broad confidence in Dangote’s vision and Africa’s growing industrial potential.