The African Export-Import Bank (Afreximbank) has announced the signing of a $1.35 billion financing facility for Dangote Industries Limited, marking a significant step in the larger $4 billion syndicated financing arrangement for the company. Afreximbank served as the Mandated Lead Arranger for this syndication, which is one of the largest syndicated loans in recent African financial markets.
The financing aims to refinance capital expenditures related to the construction of the Dangote Petroleum Refinery and Petrochemicals Complex, which holds the title of the largest single-train refinery in the world, boasting a capacity of 650,000 barrels per day. This loan will help alleviate initial operational costs and enhance the balance sheet of Dangote Industries, supporting its ongoing growth trajectory.
Afreximbank’s contribution of $1.35 billion represents the largest share among the participating banks, highlighting the institution’s commitment to advancing large-scale infrastructure projects that promote Africa’s industrialization, energy security, and intra-African trade.
Speaking on the landmark deal, Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, stated, “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 utilize African resources for its own economic transformation is well underway.”
He further emphasized that the funding support will enhance the Dangote Refinery’s capacity to produce and supply high-quality refined petroleum products to both the Nigerian market and for export across the continent and beyond, reinforcing energy security in Africa.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, echoed this sentiment, noting, “Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within. This refinancing strengthens our balance sheet and accelerates the refinery’s ability to supply high-quality refined petroleum products across Africa.”
Since the Dangote Refinery complex commenced operations in February 2024, Afreximbank has continued to provide crucial financing solutions for crude supply and product offtake, ensuring uninterrupted operations and solidifying its role in Africa’s most significant refining initiative.
The syndicated facility has garnered strong participation from leading African and international financial institutions, reflecting a robust confidence in Africa’s industrial potential and Dangote’s vision for transforming the continent.
