THE African Export-Import Bank (Afreximbank) has signed a US$1,35 billion facility as lead arranger in a larger US$4 billion syndicated loan to refinance debt for the Dangote Petroleum Refinery.
The deal marks a significant step in completing Africa’s largest single-train refinery, which is poised to transform regional energy supply and reduce dependence on imported fuel.
“With this landmark deal, we once again demonstrate that Africa's development can only be meaningfully financed from within,” Benedict Oramah, president & chairman of Board of Directors at Afreximbank, said.
“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.”
He added: “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.”
Dangote Industries Limited president Alhaji Aliko Dangote said Afreximbank’s contribution underscores “our shared vision to industrialise Africa from within.”
“This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa,” he said.
Dangote 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.
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Dangote Petroleum Refinery and Petrochemicals Complex is one the biggest single-train refineries in the world, with a capacity of 650 000 barrels per day.
Since operations at the refinery complex began in February 2024, Afreximbank has continued to support the Dangote Refinery by providing key financing solutions—for crude supply and product offtake—ensuring uninterrupted operations and reinforcing its role in Africa’s most significant refining intervention.
