In a strategic boost to Africa’s industrial development and energy independence, the African Export-Import Bank (Afreximbank) has announced its leadership role in a landmark $4 billion syndicated refinancing loan for Dangote Industries Limited (DIL), the parent company behind the continent’s most ambitious energy infrastructure—the Dangote Petroleum Refinery and Petrochemicals Complex.
The deal, which includes Afreximbank’s own contribution of $1.35 billion, was unveiled in a statement by the bank on Monday. The facility aims to refinance earlier capital investments made by DIL in constructing the refinery, which has a nameplate capacity of 650,000 barrels per day—making it the largest single-train refinery in the world.
Afreximbank served as the Mandated Lead Arranger for the multi-billion-dollar financing deal, coordinating participation from top-tier African and international financial institutions. The funding will not only relieve the burden of initial construction-related costs but will also improve DIL’s financial leverage, enabling it to scale up operations, enhance product supply, and meet growing local and export demands.
Commenting on the development, Afreximbank’s President and Chairman of the Board of Directors, Prof. Benedict Oramah, hailed the financing as a major achievement in Africa’s journey toward self-reliance and economic transformation.
“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. African institutions must lead the way. This syndication strengthens our energy security and enables African resources to serve African needs,” Oramah said.
He stressed that the support for the Dangote Refinery will ensure a consistent domestic supply of high-quality refined petroleum products, reducing dependency on imports and enhancing trade within the continent.
Aliko Dangote, Africa’s richest man and President/Chief Executive of Dangote Industries Limited, praised Afreximbank’s commitment and shared vision of intra-African economic growth.
“Afreximbank’s support for this refinancing arrangement reflects a common goal: industrialising Africa from within. This partnership gives us the financial strength to boost operations and ease the delivery of premium refined products across Africa,” Dangote said.
Since the refinery began operations in February 2024, Afreximbank has actively supported its crude oil procurement and product offtake activities, ensuring stability in supply chains and continuity in refining activities. This support underlines the bank’s role not just as a financier but as a key enabler in Africa’s industrial ecosystem.
The $4 billion syndicated loan drew wide interest from African and global financial institutions, a sign of international confidence in the long-term viability of the Dangote Refinery and the broader African energy infrastructure market. The refinancing is expected to bolster the project’s commercial viability and fast-track Nigeria’s path to becoming a net exporter of refined petroleum products.
The refinery, located in the Lekki Free Zone near Lagos, is seen as a game changer in Africa’s energy narrative. Upon full capacity utilisation, it is projected to meet all of Nigeria’s refined product demand and generate significant foreign exchange through exports to other African and international markets.
This facility aligns with the African Union’s Agenda 2063, particularly in strengthening regional value chains and industrialisation. With Nigeria still importing a significant percentage of its refined fuel despite being one of the largest crude oil producers in Africa, the Dangote Refinery represents a crucial turning point.
Moreover, analysts say the refinancing will help in attracting new investment inflows to Africa’s downstream oil sector, potentially unlocking new public-private partnerships across the continent.