Dangote Industries Secures $1.35 Billion Refinancing Deal from Afreximbank for Refinery Project

Dangote Industries Secures $1.35 Billion Refinancing Deal from Afreximbank for Refinery Project

Lagos, Nigeria – In a landmark transaction that signals growing confidence in Africa’s industrial capacity, the African Export-Import Bank (Afreximbank) has announced the signing of a US$1.35 billion financing facility for Dangote Industries Limited (DIL). The deal forms part of a broader US$4 billion syndicated financing arrangement aimed at refinancing capital deployed in the construction of the Dangote Petroleum Refinery and Petrochemicals Complex.

Afreximbank, acting as the Mandated Lead Arranger, provided the largest share of the syndication, reinforcing its leadership in financing strategic infrastructure across the continent. The deal ranks among the largest syndicated loans in recent African financial markets.

The financing will help refinance earlier investments made in building the 650,000 barrels-per-day Dangote Refinery, the world’s largest single-train refinery. Since commencing operations in February 2024, the refinery has become a critical component of Nigeria's energy infrastructure, aiming to reduce the country’s reliance on imported petroleum products.

According to Afreximbank President and Chairman, Professor Benedict Oramah, the deal is a testament to the bank’s belief in Africa-led development:

“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery to supply high-quality petroleum products locally and across the continent. Our energy security is in sight.”

Aliko Dangote, President/Chief Executive of Dangote Industries Limited, also hailed the development as a strategic milestone that supports the company's long-term goals:

“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within. This refinancing strengthens our balance sheet and eases the delivery of refined products across the continent.”

The syndicated facility also attracted strong participation from several leading African and international financial institutions, reflecting investor confidence in the transformative impact of the Dangote Refinery on Africa’s energy landscape and industrial future.

The deal marks another bold step in accelerating Africa’s journey toward industrial self-sufficiency, energy independence, and increased intra-African trade.