African Export-Import Bank (Afreximbank) has announced the signing of a $1.35 billion financing facility for Dangote Industries Limited (DIL) as part of a larger approximately $4 billion syndicated financing arrangement to refinance capital used in constructing the Dangote Petroleum Refinery and Petrochemicals Complex.
Afreximbank contributed US$1.35 billion, the largest share among participating banks. The bank has been one of the major supporters of the Dangote Refinery by providing key financing solutions for crude supply and product offtake since the refinery became operational in February 2024.
Speaking on the financing, Professor Benedict Oramah, President & Chairman of Board of Directors 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. The journey to utilise African resources for its own economic transformation is well underway.
“Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd to produce and supply high quality refined petroleum products to the Nigerian market, as well as for export to the entire continent and the world. Our energy security is in sight.” He concluded
Alhaji Aliko Dangote noted the financing would come in handy in strengthening the refinery’s operations.
“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within. This refinancing strengthens our balance sheet and accelerates with ease the refinery’s suppy of high-quality refined petroleum products across Africa.
The syndicated facility attracted strong participation from leading African and international financial institutions, reflecting enduring confidence in Africa’s industrial potential and Dangote’s vision in transforming Africa”. He said.
The Dangote Refinery is Africa’s largest oil refinery and a key project aimed at transforming the continent’s energy landscape. It has a processing capacity of 650,000 barrels per day and is designed to meet Nigeria’s fuel demand while reducing imports through the refining of petrol, diesel, kerosene, and aviation fuel to Euro V standards, alongside petrochemical byproducts.
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