Afreximbank spearheads a $1.35 billion financing package as part of a $4 billion syndicated deal to support Dangote Refinery, boosting Africa’s industrial and energy ambitions.
In a significant move to bolster Africa’s industrial and energy landscape, the African Export-Import Bank (Afreximbank) has announced a $1.35 billion financing facility in favour of Dangote Industries Limited (DIL). This contribution forms a key part of a massive $4 billion syndicated financing deal, which aims to reinforce the operations of the Dangote Petroleum Refinery and Petrochemicals Complex, Africa’s largest private industrial initiative.
According to an official statement released by Afreximbank on Sunday via its website, the bank served as the Mandated Lead Arranger for the syndication, playing a central role in coordinating what is now regarded as one of the largest syndicated loans in recent African financial history.
The newly structured financing deal will refinance capital previously spent on the construction of the Dangote Refinery, a state-of-the-art facility with a daily capacity of 650,000 barrels, making it the largest single-train refinery in the world.
“Afreximbank contributed US$1.35 billion, the largest share among participating banks, underscoring its commitment to large-scale infrastructure that advances Africa’s industrialization, energy security, and intra-African trade,” the statement read.
The facility aims to reduce initial operational expenses and strengthen Dangote Industries’ balance sheet, enabling the company to scale and maintain momentum in delivering refined products both locally and across Africa.
Key Voices Speak: Afreximbank and Aliko Dangote
Prof. Benedict Oramah
President & Chairman of the Board of Directors at Afreximbank, Professor Benedict Oramah, described the financing as a testament to Africa’s ability to fund its own development agenda:
“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 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.”
Aliko Dangote
Aliko Dangote, President/CEO of Dangote Industries Limited, also lauded the development, highlighting Afreximbank’s vital role in supporting homegrown industrialization:
“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.”
The syndicated loan attracted widespread interest from leading African and global financial institutions, reflecting a growing global faith in Africa’s industrialization drive and in the vision of the Dangote Group. The structure and success of the deal not only reinforce confidence in the continent’s economic future but also signify a shift toward intra-African financing leadership.
Since the Dangote Refinery began operations in February 2024, Afreximbank has consistently supported the facility with strategic financing solutions, ranging from crude oil supply support to product offtake arrangements. These efforts have ensured uninterrupted operations and further highlight the refinery’s central role in reshaping Africa’s energy landscape.
Why This Matters
The Dangote Refinery is not just a Nigerian project; it’s a pan-African milestone. With the potential to reduce Africa’s dependency on imported petroleum products, create employment, and stimulate regional trade, this development is a bold step toward continental energy security.
The Afreximbank-led $4 billion syndication offers a blueprint for homegrown funding, allowing African institutions to take charge of Africa’s future.
