The Dangote Petroleum Refinery and Petrochemicals Complex has secured $1.35 billion from a $4 billion syndicated refinancing facility arranged by the African Export-Import Bank (Afreximbank).
With this commitment, Afreximbank holds approximately 33.75% of the total facility, making it the largest single contributor in the syndicate.
In a statement on Monday, the bank said the deal is part of Dangote’s broader effort to ease operational expenditure pressures and strengthen its balance sheet, supporting the refinery’s long-term growth.
One of the largest syndicated loans in Africa’s financial history, the facility will refinance capital already invested in the world’s largest single-train refinery, which has a daily capacity of 650,000 barrels.
“The financing alleviates initial operational expenditures and enhances Dangote Industries Limited’s balance sheet, supporting its continued growth trajectory,” the statement said.
Located in the Lekki Free Trade Zone in Lagos, the refinery began operations in February 2024 and is expected to significantly reduce Nigeria’s reliance on imported fuels.
Afreximbank acted as Mandated Lead Arranger, coordinating a consortium of top-tier African and international financial institutions.
“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within,” said Benedict Oramah, president and chairman of Afreximbank. “Our funding support enhances the capacity of Dangote Refinery and Petrochemical Industries Ltd to produce and supply high-quality refined petroleum products to Nigeria, the continent, and the world. Our energy security is in sight.”
Aliko Dangote, president and CEO of Dangote Industries Limited, described the refinancing as a crucial step in boosting the refinery’s ability to supply refined products across Africa. “Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within.”
The transaction builds on Afreximbank’s ongoing support for the project, including financing for crude supply and product offtake—both critical to ensuring uninterrupted operations.
For investors, the deal signals growing confidence in Africa’s ability to finance and operate large-scale industrial infrastructure through continent-led partnerships that deliver both economic and strategic value.
