Afreximbank Powers Dangote With $1.35B In Refinery Push

In a bold statement of African-led development, the African Export-Import Bank (Afreximbank) has signed a $1.35 billion financing facility with Dangote Industries Limited (DIL), reinforcing support for the continent’s largest industrial conglomerate and its transformational projects.

The agreement, part of a $4 billion syndicated financing package, aims to refinance capital already committed to the Dangote Petroleum Refinery and Petrochemicals Complex the world’s largest single-train refinery with a daily refining capacity of 650,000 barrels. Afreximbank acted as the Mandated Lead Arranger, contributing the largest single share of the syndicated facility.

The complex, which began operations in February 2024, is a cornerstone of Africa’s quest for energy security, industrialization, and trade independence. The facility significantly boosts Dangote’s balance sheet while reducing operational bottlenecks and ensuring uninterrupted crude supply and refined product distribution across Africa.

President of Afreximbank, Prof. Benedict Oramah, described the deal as a testament to Africa’s ability to finance its future. “With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. Through the Afreximbank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries to produce and supply high-quality refined petroleum products across the continent and beyond. Our energy security is in sight,” he said.

Also speaking on the development, Aliko Dangote, President/CEO of Dangote Industries Limited, emphasized the strategic nature of the financing. “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 ability to supply high-quality refined products across Africa,” Dangote stated.

The financing deal attracted broad participation from African and international financial institutions, reflecting continued global confidence in Dangote’s vision and Africa’s industrial rise.

Dangote Joins IATF2025 As Premier Partner

Meanwhile, Afreximbank has also announced Dangote Group as an Official Premier Partner for the upcoming Intra-African Trade Fair 2025 (IATF2025) to be held in Algiers, Algeria, from September 4–10, 2025.

Organized in collaboration with the African Union Commission and the AfCFTA Secretariat, the IATF2025 is expected to draw over 2,000 exhibitors and generate more than $44 billion in trade and investment deals**. The fair provides a powerful platform for showcasing goods and services, fostering intra-African trade, and attracting global investments.

Welcoming the partnership, Mrs. Kanayo Awani, Afreximbank’s Executive Vice President for Intra-African Trade and Export Development, described Dangote Group as “a beacon of African industrial excellence.” She stated, “We are proud to have supported their transformative projects including the Dangote Refinery and Fertilizer Plant through tailored financing and advisory solutions.”

On behalf of the Dangote Group, Mr. Anthony Chiejina, Group Chief Branding & Communications Officer, affirmed the Group’s continued support of IATF:
“Our partnership with IATF is built on a shared vision of commitment to advancing Africa’s economic growth. Having experienced the tangible impact of IATF2023, we are proud to build on that momentum as a Premier Partner for IATF2025 in Algiers.”

He added that the partnership was a reflection of Dangote’s drive to build a self-reliant and prosperous Africa, stating, “Together, we aim to unlock new frontiers of opportunity and position Africa as a global hub of production, innovation, and trade.”

By Augustine Idoje

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