By Atoyebi Nike
The African Export-Import Bank (Afreximbank) has signed a $1.35 billion financing deal with Dangote Industries Limited (DIL) to support the continued operations of its massive petroleum refinery and petrochemical complex.
Announced via a statement on the bank’s website on Sunday, the deal forms part of a broader $4 billion syndicated loan arrangement for DIL, Africa’s largest industrial group. Afreximbank acted as the lead arranger and contributed the largest share of the funding.
The money will be used to refinance previous capital spent on building the Dangote Refinery, which has a capacity of 650,000 barrels per day, making it the biggest single-train refinery in the world.
According to Afreximbank, the financing eases operational costs and strengthens Dangote Group’s financial position, enabling continued growth and supply of refined petroleum across Africa and beyond.
Afreximbank President Benedict Oramah described the deal as a major step in showing that Africa’s development can be driven by African capital. He said the bank’s funding helps ensure energy security by boosting local production and reducing import dependence.
Dangote Group CEO Aliko Dangote praised the bank’s support, calling it a shared vision to industrialize Africa internally. He noted the refinancing would ease operations and accelerate the delivery of quality petroleum products across the continent.
Since its operations began in February 2024, the Dangote Refinery has received ongoing support from Afreximbank, including for crude supply and product sales, helping maintain seamless operations in one of Africa’s most ambitious energy projects.
