The African Export-Import Bank (Afreximbank) has announced the signing of a $1.35 billion financing facility with Dangote Petroleum Refinery, as part of a larger syndicated financing package valued at about $4 billion.
In a statement released on Monday, Afreximbank said it acted as the Mandated Lead Arranger for the syndication, describing the agreement as one of the largest syndicated loans in recent African financial markets. The facility will be used to refinance capital already invested in building the Dangote Petroleum Refinery and Petrochemicals Complex, which is the largest single-train refinery in the world, with a capacity of 650,000 barrels per day.
According to the bank, the deal will help reduce initial operational costs and strengthen Dangote Industries Limited’s (DIL) financial position to support future growth. Afreximbank confirmed it provided the largest share of the financing at $1.35 billion, demonstrating its commitment to supporting large-scale infrastructure projects that promote Africa’s industrialisation, energy security, and cross-border 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,” the statement read.
Benedict Oramah, president and chairman of the board of directors at Afreximbank, said the landmark deal reflects the importance of African-led financing for the continent’s growth. “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,” Oramah said.
He noted that the bank’s involvement would help increase the refinery’s ability to supply refined petroleum products both to the Nigerian market and for export across Africa and other regions.
Aliko Dangote, president and chief executive officer of DIL, said the refinancing reflects a shared commitment to industrialising 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,” Dangote stated.
He added that the syndicated financing attracted strong interest from African and global financial institutions, highlighting growing confidence in Africa’s industrial potential and in DIL’s long-term vision for transforming the continent.