Afreximbank funds Dangote refinery with $1.35bn as part of a $4bn loan to boost Africa’s energy capacity and support industrial growth in Nigeria

Afreximbank funds Dangote refinery with a massive $1.35 billion financing facility, reinforcing its role in Africa’s industrial and energy future.

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The facility is part of a $4 billion syndicated loan to Dangote Industries Limited, led by Afreximbank as Mandated Lead Arranger.

This funding supports the Dangote Petroleum Refinery and Petrochemicals Complex, the largest single-train refinery globally, with a capacity of 650,000 barrels per day.

The financing will refinance construction costs, ease early operational expenses, and strengthen Dangote’s balance sheet.

“With this landmark deal, we prove that African development must be financed from within,” said Afreximbank President Benedict Oramah.

Operations at the refinery began in February 2024, and Afreximbank continues to provide essential financial support for crude supply and product offtake, ensuring consistent operations.

Afreximbank funds Dangote refinery as part of a bold commitment to Africa-led industrialisation.

The deal also attracted top-tier African and international banks, signaling global confidence in Nigeria’s industrial capacity.

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“This partnership strengthens our supply capabilities and accelerates economic impact,” said Aliko Dangote, CEO of Dangote Industries.