The African Export-Import Bank (Afreximbank) has signed a $1.35 billion financing facility for Dangote Industries Limited (DIL), as part of a larger $4 billion syndicated loan deal aimed at supporting one of Africa’s most ambitious industrial projects.
The funding, in which Afreximbank served as the Mandated Lead Arranger, is one of the largest syndicated loans in recent African financial history. It is set to refinance previous capital investments made in constructing the Dangote Petroleum Refinery and Petrochemicals Complex — the world’s largest single-train refinery with a processing capacity of 650,000 barrels per day.
Beyond alleviating initial operational expenditures, the facility is expected to improve DIL’s financial standing and support its broader growth goals. Afreximbank’s $1.35 billion share marks the largest contribution in the syndication, reaffirming its strategic backing of major infrastructure projects that promote Africa’s industrialisation, energy self-sufficiency, and intra-continental trade.
Since the refinery began operations in February 2024, Afreximbank has consistently supported its activities, particularly through financing crude oil supplies and product offtake to ensure smooth operations.
Afreximbank President and Chairman of the Board, Professor Benedict Oramah, described the deal as a demonstration of Africa’s ability to finance its own development. He said the bank’s support enables the refinery to deliver quality petroleum products across Nigeria, Africa, and beyond. “Our energy security is in sight,” he added.
DIL President and CEO Aliko Dangote echoed this sentiment, saying the partnership reflects a shared commitment to industrialise Africa from within. He noted that the refinancing strengthens the company’s balance sheet and facilitates efficient supply of refined products across the continent.
The syndicated facility drew strong interest from African and global financial institutions, signalling growing confidence in Africa’s industrial growth and Dangote’s vision of continental transformation.
