The African Export-Import Bank (Afreximbank) has signed a significant $1.35 billion financing agreement with Dangote Industries Limited (DIL), Africa’s largest industrial group.
The bank disclosed this on Sunday, revealing that this funding is part of a much bigger $4 billion syndicated arrangement put together by several leading banks.
Afreximbank served as the main arranger in this deal, which is one of the largest syndicated loans seen in recent times across Africa’s financial sector. Most of the funds will help refinance money already invested in building the Dangote Petroleum Refinery and Petrochemicals Complex, based just outside Lagos. The site is the world’s biggest single-train refinery, able to process 650,000 barrels of oil every day.
This financing will help Dangote Industries manage its running costs and improve its financial foundation. It also keeps the business on track to grow and expand its influence in Africa’s energy sector. According to Afreximbank, this is the largest single contribution from any bank in the loan deal. The bank said its involvement shows a strong commitment to backing major infrastructure projects that can drive Africa’s growth, boost energy security, and support inter-African trade.
Speaking on the development, Professor Benedict Oramah, President and Chairman of the Board at Afreximbank, said:
“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… Our energy security is in sight.”
Aliko Dangote, founder and CEO of Dangote Industries, added:
“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within. This refinancing strengthens our balance sheet and accelerates the refinery’s supply of high-quality refined petroleum products across Africa.”
The deal attracted wide interest from both African and global banks. Since the refinery started operations in February 2024, Afreximbank has been a major partner, offering support for both crude supply and product sales to ensure smooth and steady operations.
This new financing is expected to help Dangote Refinery speed up fuel production for Nigeria and the rest of Africa, making the region less dependent on fuel imports.
