🏭 Dangote Refinery Secures $4bn Refinancing Deal — Afreximbank Leads With $1.35bn
By: IDNN Business News
The African Export-Import Bank (Afreximbank) has announced a landmark $1.35 billion financing facility for Dangote Industries Limited (DIL) as part of a $4 billion syndicated loan package aimed at refinancing the Dangote Petroleum Refinery and Petrochemicals Complex.
The 650,000 barrels-per-day facility — the largest single-train refinery in the world — is seen as a cornerstone for Africa’s energy independence and industrialisation.
Afreximbank served as the Mandated Lead Arranger, delivering the largest single commitment within the syndicate.
“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. When African institutions lead the way, others will follow,” said Prof. Benedict Oramah, Afreximbank President.
💡 Why It Matters
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Operational Strength: The refinancing will ease initial operational costs and bolster DIL’s balance sheet.
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Energy Security: Aims to reduce Africa’s reliance on imported refined petroleum products.
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Trade Impact: Supports intra-African trade and industrial growth.
📈 Refinery’s Track Record
Since commencing operations in February 2024, the refinery has benefited from Afreximbank’s support in securing crude supply and product offtake agreements, ensuring uninterrupted production.
Aliko Dangote, DIL’s President & CEO, projected that the conglomerate could generate $30 billion in total revenue by 2026. He also revealed plans to democratise ownership by listing the refinery on the Nigerian Stock Exchange, opening investment to individuals and institutions.
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