Dangote Industries secures $1.35 billion refinancing from Afreximbank for its mega refinery. The deal, part of a $4B syndicated facility, boosts Africa’s energy security and industrial growth
Dangote, Afreximbank Sign $1.35 Billion Refinery Refinancing Deal
In a major vote of confidence for Africa-led industrialisation, Dangote Industries Limited (DIL) has secured a $1.35 billion financing facility from the African Export-Import Bank (Afreximbank) as part of a broader $4 billion syndicated refinancing deal for its massive petroleum refinery project.
Afreximbank, which acted as the Mandated Lead Arranger, contributed the largest share of the facility, reaffirming its strategic commitment to funding transformative infrastructure that powers Africa’s industrial and energy future.
The financing package will help refinance capital costs incurred during the construction of the Dangote Petroleum Refinery and Petrochemicals Complex—the largest single-train refinery in the world with a processing capacity of 650,000 barrels per day. It also aims to ease initial operating expenses and fortify Dangote Industries’ balance sheet.
Operations at the $19 billion Lagos-based refinery officially commenced in February 2024, and Afreximbank has continued to play a key financial support role—funding crude oil supply and ensuring product offtake.
Speaking on the development, Professor Benedict Oramah, President and Chairman of Afreximbank’s Board of Directors, said:
“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. The journey to utilise African resources for its own economic transformation is well underway.”
He added:
“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, President/CEO of Dangote Industries Limited, also praised Afreximbank’s involvement, stating:
“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 financing attracted participation from leading African and international financial institutions, signalling strong confidence in both the viability of the refinery and the broader potential of Africa’s industrial sector.
The Dangote Refinery is widely seen as a game-changer for Nigeria and the continent, with the potential to drastically reduce fuel imports, create jobs, and boost foreign exchange earnings through exports. Read More
