Dangote refinery secures $4 billion refinancing deal, Afreximbank contributes $1.35 billion

The African Export-Import Bank (Afreximbank) has announced the signing of a $1.35 billion financing facility for Dangote Industries Limited (DIL), as part of a broader US$4 billion syndicated loan for Africa’s largest industrial conglomerate.

Afreximbank served as the Mandated Lead Arranger for the transaction, which stands among the largest syndicated financings in recent African markets.

The funds will refinance capital already invested in the construction of the Dangote Petroleum Refinery and Petrochemicals Complex, the world’s largest single-train refinery with a processing capacity of 650,000 barrels per day.

“This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa,” said Aliko Dangote, President and Chief Executive of Dangote Industries Limited.

This financing is designed to ease initial operational expenditures and strengthen DIL’s balance sheet, supporting its long-term growth ambitions.

Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, hailed the transaction as a milestone for African-led financing.

“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,” he said.

Afreximbank’s US$1.35 billion contribution marks the largest single commitment within the syndicate, reaffirming the bank’s dedication to transformative infrastructure projects that drive Africa’s industrialisation, bolster energy security, and foster intra-African trade.

Since the refinery commenced operations in February 2024, Afreximbank has played a key role in supporting its operations by facilitating critical financing for crude supply and product offtake, ensuring smooth and uninterrupted production at Africa’s most ambitious refining project.

Earlier, Aliko Dangote projected that his conglomerate is on track to generate $30 billion in total revenue by next year, even as global businesses brace for the potential fallout from U.S. President Donald Trump’s trade tariffs.

He also disclosed plans to democratize ownership of his oil empire, announcing that Nigerians, both individuals and institutions, will soon have the opportunity to own shares in the Dangote Refinery through an upcoming stock exchange listing, allowing them to benefit from the facility’s long-term growth potential.