Afreximbank Signs $4bn Refinancing Loan For Dangote Refinery

African Export-Import Bank has signed a $1.35bn financing facility in favour of Dangote Industries Limited.

In a statement from the continental bank, it was revealed that the facility is part of a larger $4bn syndicated financing arrangement for Dangote Industries Limited in which 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 financing alleviates initial operational expenditures and enhances DIL’s balance sheet, supporting its continued growth trajectory.

Afreximbank contributed $1.35bn, the largest share among participating banks, underscoring its commitment to large-scale infrastructure that advances Africa’s industrialisation, energy security, and intra-African trade.

Commenting on the development, President & Chairman of the Board of Directors at Afreximbank, Professor Benedict Oramah, 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.