Afreximbank Injects $1.35 Billion into Dangote Refinery Mega Deal
The African Export-Import Bank (Afreximbank) has finalised a major $1.35 billion financing agreement, forming part of a broader $4 billion syndicated package aimed at refinancing the construction of the Dangote Petroleum Refinery and Petrochemicals Complex.
With this development, Afreximbank takes the lead role as the Mandated Lead Arranger of the facility, highlighting its strategic focus on promoting industrial development, energy resilience, and trade within the African continent.
The Dangote Refinery, regarded as the largest single-train refining complex globally, boasts a processing capacity of 650,000 barrels per day. The newly secured funding will support the company’s operational rollout while strengthening the financial position of Dangote Industries Limited (DIL).
Afreximbank’s contribution, the largest among the lending institutions involved, underlines its commitment to transformative infrastructure across Africa.
According to Professor Benedict Oramah, President & Chairman of the Board of Directors at Afreximbank, “With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. The journey to utilise African resources for its own economic transformation is well underway.”
He noted that the support would enable Dangote Refinery to efficiently distribute high-quality refined products both domestically and across the continent.
Alhaji Aliko Dangote, President and CEO of DIL, lauded the bank’s backing, stressing that their involvement reaffirms a shared objective of spearheading African industrialisation from within.
The financing deal saw widespread interest from major African and international financial players, reinforcing confidence in the refinery project and Afreximbank’s capacity to support critical infrastructure.
This initiative is poised to enhance energy self-sufficiency in Africa and further demonstrates Afreximbank’s influence in spearheading continent-wide development projects.
