05/08/2025
Dangote Refinery Secures $4B Refinancing Led by Afreximbank
The African Export‑Import Bank (Afreximbank) has led a landmark US $4 billion syndicated refinancing package for the Dangote Petroleum Refinery and Petrochemicals Complex, contributing $1.35 billion as the mandated lead. This marks one of the largest syndicated loans in recent African financial history.
Refinancing to Strengthen a Global-Scale Energy Asset
The financing will refinance capital expenditures related to building Africa’s largest and the world’s biggest single‑train refinery, with an output capacity of 650,000 barrels per day (bpd).
It will also support operational costs, rectify prior debt burdens, and reinforce Dangote Industries Limited’s (DIL) balance sheet for future growth.
Afreximbank’s Strategic Role in Continental Industrialization
Afreximbank’s $1.35 billion share of the facility was the largest among participating banks, highlighting its leadership in sponsoring transformative industrial infrastructure.
Beyond refinancing, Afreximbank has supported the refinery through crude oil supply and product offtake financing since it began operations in early 2024.
Financial Impact and Broader Support to Dangote's Vision
According to Afreximbank President Benedict Oramah, total support, direct and indirect, for the Dangote Refinery now exceeds $4 billion.
Early impact results include reducing Nigeria’s fuel import costs by $10 –12 billion per year, boosting value-added exports, and laying a stronger industrial foundation for the country.
Why This Matters
This refinancing is a testament to the banking ecosystem’s confidence in Africa’s industrial ambitions and highlights the growing financial capacity of local multilateral institutions.
With the refinancing, DIL can stabilize operations and pursue further growth, essential as energy security and regional self‑sufficiency become major, priorities across Africa.
Afreximbank’s leadership in the syndicated refinancing of the Dangote Refinery, anchoring a $4 billion package and injecting $1.35 billion, underscores a turning point for African-led industrial financing. This move strengthens the refinery’s operational footing, aids liquidity, and pushes forward Nigeria’s goal of becoming a major refined petroleum exporter.
The African Export-Import Bank (Afreximbank) has announced the signing of a $1