(Afreximbank) has recently signed a $1.35 billion financing facility for Dangote

The African Export-Import Bank (Afreximbank) has recently signed a $1.35 billion financing facility for Dangote Industries Limited (DIL), contributing the largest share of a total $4 billion syndicated financing deal. This substantial investment is aimed at refinancing the capital spent on constructing the Dangote Petroleum Refinery and Petrochemicals Complex, a project that holds the distinction of being the world's largest single-train refinery with a capacity of 650,000 barrels per day.


The refinery is situated in Lekki, Lagos, Nigeria, and is a significant milestone in Africa's quest for energy security and industrialization.

The financing provided by Afreximbank is expected to not only cover the initial operational costs of the refinery but also to enhance DIL's balance sheet, thereby supporting its growth objectives. The bank's involvement in this landmark transaction underscores its commitment to funding large-scale infrastructure projects that have the potential to drive Africa's industrialization and intra-African trade.

Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, emphasized the importance of African institutions taking the lead in financing the continent's development. He stated that the deal exemplifies the use of African resources to bring about the continent's economic transformation and that the bank's support for the Dangote Refinery would help in achieving energy security.

Aliko Dangote, President and Chief Executive of DIL, expressed his appreciation for Afreximbank's involvement, noting that it signifies a shared vision of industrializing Africa from within. He also highlighted the strategic importance of the refinery's operations in meeting the continent's energy needs and transforming Africa's industrial landscape.

The syndicated financing arrangement saw strong participation from a number of leading African and international financial institutions, which is a testament to the confidence these entities have in the potential of the refinery project. This collaborative effort is likely to bolster the refinery's capacity to supply high-quality refined petroleum products to the Nigerian market and beyond, further cementing its role as a game-changer in Africa's energy sector.