Dangote, Afreximbank, others sign $1.35b Refinery Refinancing deal

African Export-Import Bank (Afreximbank) has announced the signing of a US$1.35 billion financing facility in favour of Dangote Industries Limited (DIL). The facility is part of a larger approximately US$4 billion syndicated financing arrangement for Dangote Industries Limited (DIL), Africa’s largest industrial conglomerate. Afreximbank acted as the Mandated Lead Arranger, for the syndication. This financing— one of the largest syndicated loans in recent African financial markets—will refinance capital expended on constructing the Dangote Petroleum Refinery and Petrochemicals Complex, the biggest single-train refinery in the world with a capacity of 650,000 barrels per day. The financing alleviates initial operational expenditures and enhances DIL’s balance sheet, supporting its continued growth trajectory. 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. Since operations at the refinery complex began in February 2024, Afreximbank has continued to support the Dangote Refinery by providing key financing solutions—for crude supply and product offtake—ensuring uninterrupted operations and reinforcing its role in Africa’s most significant refining intervention. Commenting on the development, Professor Benedict Oramah, President & Chairman of 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. 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. 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/Chief Executive, Dangote Industries Limited, added: “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 facility attracted strong participation from leading African and international financial institutions, reflecting enduring confidence in Africa’s industrial potential and Dangote’s vision in transforming Africa”.