Afreximbank Leads $4 Billion Refinancing for Dangote Refinery with Major $1.35 Billion Commitment

Abuja, Nigeria — The African Export-Import Bank (Afreximbank) has signed a landmark US$1.35 billion financing deal as the lead arranger in a massive US$4 billion syndicated facility to refinance the construction of the Dangote Petroleum Refinery and Petrochemicals Complex, the continent’s largest industrial project and the biggest single-train refinery globally, with a capacity of 650,000 barrels per day.

Major Milestone in African Industrial Financing

Afreximbank’s sizable contribution, the largest among participating banks in the syndicate, demonstrates both the Bank’s and Africa’s resolve to finance large-scale, transformative infrastructure from within. 

The syndication, which attracted both African and international financial institutions, will alleviate the Dangote group’s initial operational expenditures and enhance its balance sheet, supporting further expansion ambitions.

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Professor Benedict Oramah, President and Chairman of the Board at Afreximbank, lauded the deal as a major step in using African resources for African economic transformation.

“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. Our funding support enhances Dangote’s capacity to refine and supply high-quality petroleum products for Nigeria, the continent, and global export. Our energy security is in sight,” he said.

Supporting Energy Security and Value Addition

Since the refinery began operations in February 2024, Afreximbank has maintained its support through continued financing for crude supply and product offtake, ensuring stable, uninterrupted operations. 

The Dangote complex is seen as a game-changer for Nigeria’s and Africa’s quest for energy self-sufficiency and isexpected to significantly reduce the continent’s dependency on imported fuels, lower costs, and stimulate intra-African petroleum trade.

Aliko Dangote, President and CEO of Dangote Industries Limited, acknowledged the critical role Afreximbank’s funding plays in industrialising Africa.

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“Afreximbank’s contribution to this milestone underscores our shared vision to industrialise 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.”

Confidence in Africa’s Economic Future

The robust participation in the syndicated facility by prominent African and international lenders highlights enduring investor confidence in Africa’s industrial prospects and the vision behind Dangote’s multi-billion-dollar initiatives. 

The refinery complex is pivotal to Nigeria’s ongoing economic reforms, promising job creation, skill transfer, and reduced import bills while making the country a net exporter of refined petroleum.

The deal signals a new era where African challenges meet African solutions, with regional banks and corporations taking a leading role in development finance, supporting not just energy security but also the broader goals of economic diversification and industrialisation in line with continental strategies like the African Continental Free Trade Area (AfCFTA).