Afreximbank Leads $4B Refinancing for Dangote Refinery with $1.35B Stake
The African Export-Import Bank (Afreximbank) has signed a US$1.35 billion financing facility in favour of Dangote Industries Limited (DIL), as part of a US$4 billion syndicated loan to refinance the construction of the Dangote Petroleum Refinery and Petrochemicals Complex.
As the Mandated Lead Arranger, Afreximbank contributed the largest share in the financing deal, reinforcing its commitment to supporting transformative infrastructure projects across the continent. The landmark transaction, one of the largest syndicated loans in Africa’s recent financial history, will alleviate capital expenditure pressures and strengthen DIL’s balance sheet, positioning it for sustainable growth.
The 650,000 barrels-per-day Dangote Refinery, operational since February 2024, is the world’s largest single-train refining facility. It is poised to significantly reduce Africa’s dependence on imported petroleum products by supplying refined fuel to Nigeria and exporting across the continent.
Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah, hailed the deal as a turning point in Africa’s drive toward energy security and industrial sovereignty.
“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. The journey to utilise African resources for its own economic transformation is well underway,” he said.
Alhaji Aliko Dangote, President and CEO of Dangote Industries Limited, echoed the sentiment, describing the partnership as a shared commitment to driving Africa’s industrial transformation. “Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within,” he said.
The syndicated loan attracted major participation from both African and international financial institutions, a reflection of investor confidence in Dangote’s vision and Africa’s industrial future.
