The African Export-Import Bank (Afreximbank) has announced the successful signing of a US$1.35 billion facility for Dangote Industries Limited (DIL), leading a US$4 billion syndicated refinancing deal for the construction of the Dangote Petroleum Refinery and Petrochemicals Complex.
The landmark transaction, one of the largest syndicated facilities in Africa’s recent financial history, aims to refinance capital invested in building the 650,000-barrel-per-day single-train refinery—currently the largest of its kind globally.
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The financing also supports early operational expenditures and strengthens Dangote’s balance sheet for continued industrial growth.
As Mandated Lead Arranger, Afreximbank contributed the largest share of the facility, affirming its strategic commitment to financing transformative infrastructure projects that drive African industrialisation, enhance energy security, and promote intra-African trade.
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The Afreximbank statement did not disclose the identities of the banks that provided the facility’s $1.65 billion balance.
Since the Dangote Refinery commenced operations in February 2024, Afreximbank has provided crucial financing for crude oil supply and product offtake arrangements to ensure stable and uninterrupted production.
“With this landmark deal, we reaffirm that Africa’s development must be financed from within,” said Professor Benedict Oramah, President and Chairman of Afreximbank.
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“This facility boosts Dangote Refinery’s ability to supply high-quality petroleum products across Africa and signals a major step towards energy security and self-reliance on the continent.”
Aliko Dangote, President/CEO of Dangote Industries Limited, praised the financing as a strong show of confidence in Africa’s industrial future.
“Afreximbank’s leadership in this refinancing confirms our shared vision to industrialise Africa using African capital,” Mr Dangote said. “This support enhances the refinery’s ability to deliver refined petroleum products efficiently to both local and export markets.”
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The syndicated facility attracted widespread participation from top African and global financial institutions, further underlining investor confidence in Dangote Industries’ strategic role in reshaping Africa’s industrial landscape.
Afreximbank is a pan-African multilateral financial institution that supports intra- and extra-African trade. With total assets and contingencies exceeding US$40.1 billion as of December 2024, the Bank is central in accelerating Africa’s industrialisation, particularly under the African Continental Free Trade Agreement (AfCFTA).
Dangote Industries is one of Africa’s most diversified industrial groups, with significant interests in cement, sugar, salt, fertiliser, energy, petrochemicals, and more. Its local manufacturing capacity across 11 African countries contributes significantly to job creation, import substitution, and regional development.
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