Afreximbank Champions Africa-Led Development with $1.35 Billion Investment in Dangote Refinery Deal
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In a bold demonstration of Africa-driven industrial transformation, the African Export-Import Bank (Afreximbank) has finalized a $1.35 billion financing arrangement in support of Dangote Industries Limited (DIL). This funding is part of a broader $4 billion syndicated loan aimed at refinancing and boosting operations at the Dangote Petroleum Refinery and Petrochemicals Complex, the world’s largest single-train refinery.
The announcement was made via a statement published on Afreximbank’s official website, highlighting the bank’s central role as the Mandated Lead Arranger of the deal. The funding will assist DIL in strengthening its financial position by refinancing prior capital expenditures tied to the construction of the massive refinery complex located in Lekki Free Zone, Nigeria.
Refinancing Africa’s Largest Refinery
The Dangote Petroleum Refinery, which commenced operations in February 2024, boasts a processing capacity of 650,000 barrels of crude oil per day. It is positioned to drastically reduce Africa’s dependency on imported refined fuels and petrochemical products while bolstering energy security across the continent.
Afreximbank’s $1.35 billion contribution represents the largest portion of the syndicated facility, reaffirming the bank’s commitment to large-scale infrastructure and industrialization projects that drive economic transformation on the continent.
The deal also eases the burden of operational expenditures for DIL, paving the way for sustainable growth and expanded access to refined petroleum products across Nigeria, the rest of Africa, and international markets.
A Milestone in Africa’s Self-Financed Development
Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasized the significance of African-led financing in shaping the continent’s future.
“This landmark deal reaffirms our belief that Africa’s development must be funded from within. Afreximbank’s leadership in this transaction demonstrates the capacity of African financial institutions to back transformational projects that serve the continent’s long-term interests,” Oramah said.
He noted that the bank’s support will not only ensure reliable fuel supply but also boost Africa’s role in the global energy supply chain. “Our energy security is in sight,” he added.
Dangote Applauds Africa-Backed Vision
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, praised the collaboration with Afreximbank, highlighting it as a milestone in Africa’s pursuit of self-reliance and industrial excellence.
“Afreximbank’s support reflects our shared commitment to industrializing Africa from within. This refinancing significantly strengthens our financial structure and accelerates our mission to deliver quality petroleum products across the continent,” Dangote stated.
He also acknowledged the confidence expressed by both African and international financial institutions that participated in the syndicate, citing their involvement as a signal of trust in Africa’s industrial potential.
A Broader Continental Impact
Beyond the immediate benefits for Dangote Industries, the financing deal is viewed as a major step toward sustainable industrial growth in Africa. Afreximbank has maintained its support for the Dangote Refinery since the early stages of its operations, providing essential financial instruments for crude procurement and product offtake agreements.
The project is poised to stimulate intra-African trade, reduce reliance on fuel imports, and contribute significantly to job creation, infrastructure development, and economic diversification across the region.
As Africa takes greater ownership of its industrial future, this landmark deal stands as a testament to the power of African-led institutions to fund and lead transformative projects that deliver long-term value across borders.