The African Export-Import Bank (Afreximbank) has signed a N2.09 trillion ($1.35 billion) financing facility with Dangote Industries Limited (DIL), reinforcing growing confidence in Africa’s industrial prospects and deepening support for the continent’s largest privately driven energy project.
Announced through a statement on Afreximbank’s official website, the agreement is part of a wider $4 billion syndicated refinancing arrangement targeted at reinforcing operations at the Dangote Petroleum Refinery and Petrochemicals Complex.
The refinery, which commenced production in February 2024, has already distinguished itself as the world’s largest single-train facility, capable of processing 650,000 barrels of crude oil per day.
The latest funding is expected to ease early-stage operational costs and enhance the refinery’s ability to distribute refined petroleum products efficiently within Nigeria and across African markets.
Afreximbank’s $1.35 billion contribution stands as the most substantial tranche among participating institutions, underlining the bank’s ongoing commitment to supporting large-scale infrastructure that drives African economic growth.
“With this landmark deal, we once again demonstrate that Africa’s development can be meaningfully financed from within,” said Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank.
“Through the Bank’s funding support, we are increasing the capacity of the Dangote Refinery to produce and deliver high-quality refined petroleum products, serving Nigeria, the continent, and the global market.”
President and CEO of Dangote Industries Limited, Aliko Dangote, welcomed the development, describing the facility as a step forward for Africa’s economic integration.
“Afreximbank’s involvement reflects our shared commitment to advancing industrialisation within Africa. This refinancing strengthens our financial base and improves the refinery’s supply network across the region,” Dangote said.
The broader facility has attracted investment from leading African and international lenders, a signal of continued confidence in both the Dangote enterprise and the continent’s capacity for industrial scale-up.
Since operations began, Afreximbank has remained a strategic partner to the Dangote Refinery, providing key funding for crude oil procurement and supporting the consistent movement of refined products to end users.
The transaction represents one of the largest syndicated loans in Africa’s recent financial record, underscoring Afreximbank’s drive to accelerate transformation through focused, Africa-led investments.
With momentum building around industrialisation and energy autonomy, the agreement between Afreximbank and Dangote Industries reinforces a growing conviction: the trajectory of African development is being shaped by African institutions and visionaries.
