In a significant boost for Africa's industrialisation and energy security, the African Export-Import Bank (Afreximbank) has announced a US$1.35 billion financing facility for Dangote Industries Limited (DIL), as part of a larger syndicated financing arrangement valued at approximately US$4 billion.
Afreximbank served as the Mandated Lead Arranger for the syndication, a testament to its commitment to funding transformative infrastructure on the continent.
The landmark deal, one of the largest syndicated loans in recent African financial history, is designed to refinance capital expenditures incurred during the construction of the colossal Dangote Petroleum Refinery and Petrochemicals Complex.
As the world's largest single-train refinery, with a capacity of 650,000 barrels per day, this refinancing will alleviate initial operational costs and fortify DIL’s balance sheet, supporting its ongoing growth.
Afreximbank's contribution of US$1.35 billion represents the largest share among all participating banks.
This substantial investment underscores the institution’s strategic focus on projects that drive Africa’s industrial growth, enhance energy independence, and promote intra-African trade.
Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, highlighted the deal's importance, stating, "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.”
Aliko Dangote, President/Chief Executive of Dangote Industries Limited, echoed this sentiment, emphasising that the refinancing “strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa.”
The syndicated facility, which attracted strong participation from leading African and international financial institutions, is a clear sign of enduring confidence in Africa’s industrial potential and Dangote’s vision for the continent's transformation.
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