Africa’s largest conglomerate Dangote Industries Limited (DIL) has signed a US$4bn refinancing package for its refining operationsThe financing support — one of the largest syndicated loans in recent African financial markets — will refinance capital expended on building Nigeria’s Dangote Petroleum Refinery and Petrochemicals Complex, the biggest single-train refinery in the world with a capacity of 650,000 barrels per day (bpd), located in the Lekki Free Zone of Ibeju Lekki Lagos.The move will help to alleviate initial operational expenditures and enhance DIL’s overall balance sheet.Alhaji Aliko Dangote, DIL’s president and CEO, said the syndicated facility attracted “strong participation” from leading African and international financial institutions, “reflecting enduring confidence in Africa’s industrial potential and Dangote’s vision in transforming Africa.”The package included a US$1.35bn facility from African Export-Import Bank (Afreximbank), which also acted as the Mandated Lead Arranger for the syndication.“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialise Africa from within,”added Dangote. “This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa.”Afreximbank’s contribution was the largest share among participating banks, underscoring a commitment to large-scale infrastructure projects in Africa that advance industrialisation, energy security and intra-African trade.Since operations at the Nigerian refinery complex began in February 2024, Afreximbank has also provided additional financing solutions — for crude supply and product offtake — ensuring smooth operations.Professor Benedict Oramah, Afreximbank’s president and chairman, said the landmark deal demonstrates that Africa's development can only be meaningfully financed from within.“It is only when African institutions lead the way that others can follow,” he said.“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.”Read more:
Dangote secures landmark US$4bn refinancing deal
Dangote's refinery is essential for Nigeria's transport economy
