Afreximbank secures US$1.35bn deal for Dangote

The African Export-Import Bank (Afreximbank) has announced the signing of a US$1.35bn financing facility for Dangote Industries Limited (DIL)

This forms part of a larger approximately US$4bn syndicated financing arrangement for DIL, Africa’s largest industrial conglomerate, with Afreximbank acting as the Mandated Lead Arranger for the syndication.

This transaction — one of the largest syndicated loans in recent African financial markets — will be used to refinance capital invested in the construction of the Dangote Petroleum Refinery and Petrochemicals Complex, the world’s largest single-train refinery with a capacity of 650,000 barrels per day. The financing will reduce initial operational expenditures, strengthen DIL’s balance sheet, and support its ongoing growth.

Afreximbank’s contribution of US$1.35bn, the largest share among participating banks, highlights its commitment to major infrastructure projects that drive Africa’s industrialisation, energy security, and intra-African trade.

Since the refinery complex commenced operations in February 2024, Afreximbank has continued to provide financial support for crude supply and product offtake, ensuring smooth operations and reinforcing its role in Africa’s most significant refining project.

Commenting on the deal, Benedict Oramah, president & chairman of the board of directors at Afreximbank, said, “With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. 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. Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd to produce and supply high quality refined petroleum products to the Nigerian market, as well as for export to the entire continent and the world. Our energy security is in sight.”

Aliko Dangote, CEO, Dangote Industries Limited, added, “Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialise Africa from within. This refinancing strengthens our balance sheet and accelerates with ease the refinery’s suppy of high-quality refined petroleum products across Africa.”

The syndicated facility attracted strong interest from major African and international financial institutions, reflecting confidence in Africa’s industrial growth and in Dangote’s vision for transforming the continent.