Afreximbank leads with $1.35bn as Dangote refinery secures $4bn refinancing deal

The African Export-Import Bank (Afreximbank) says it has signed a $1.35 billion financing facility with Dangote Petroleum Refinery.

Refinancing is the replacement of an existing debt obligation with a new one under a different term and interest rate.

In a statement on Monday, the lender said the deal is part of a broader syndicated financing package worth about $4 billion for Dangote refinery.

“Afreximbank acted as the Mandated Lead Arranger for the syndication. This financing — one of the largest syndicated loans in recent African financial markets — will refinance capital expended on constructing the Dangote Petroleum Refinery and Petrochemicals Complex, the biggest single-train refinery in the world with a capacity of 650,000 barrels per day,” the statement reads.

According to Afreximbank, the deal will ease initial operational costs and strengthen Dangote Industries Limited’s (DIL) balance sheet to support its growth plans.

Afreximbank said it provided $1.35 billion — the largest contribution among participating banks — highlighting its commitment to large-scale infrastructure projects that drive Africa’s industrialisation, energy security, and cross-border trade.

“Since operations at the refinery complex began in February 2024, Afreximbank has continued to support the Dangote Refinery by providing key financing solutions—for crude supply and product offtake—ensuring uninterrupted operations and reinforcing its role in Africa’s most significant refining intervention,” the bank said.

Commenting on the development, Benedict Oramah, president and chairman of the board of directors at Afreximbank, said the landmark financing proves that Africa’s development can only be sustainably funded 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,” Oramah said.

He said the bank’s support is helping to expand the refinery’s capacity to supply refined petroleum products to the Nigerian market and for export across Africa and beyond.

Aliko Dangote, president and chief executive officer of DIL, said Afreximbank’s involvement in the transaction affirms their joint goal of industrialising Africa internally.

“This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa,” he said.

Dangote said the syndicated financing drew strong interest from both African and international financial institutions, reflecting growing confidence in Africa’s industrial potential and DIL’s vision to transform the continent.