By Esther Ososanya
In a major boost for Africa’s energy sector, the African Export-Import Bank (Afreximbank) has signed a $1.35 billion financing deal with Dangote Industries Limited (DIL).
The deal is part of a larger $4 billion syndicated loan to support the Dangote Refinery, Africa’s largest industrial project to date.
This agreement will help refinance the cost of building the 650,000-barrels-per-day Dangote Petroleum Refinery and Petrochemicals Complex. Located in Lagos, the facility is the world’s largest single-train refinery and began operations in 2024.
Afreximbank led the syndication and contributed the highest share of the funds. The bank said the financing would reduce the refinery’s initial operating expenses and improve DIL’s financial stability.
A Strong Commitment to African Solutions
Speaking on the agreement, Professor Benedict Oramah, President of Afreximbank, said the deal reflects Africa’s ability to finance its own growth.
“This milestone shows that Africa’s development must come from within. When African institutions lead, others follow,” Oramah stated.
He also noted that the bank continues to support the refinery by financing crude oil supply and product distribution. These efforts will help maintain smooth operations at the site and reinforce Africa’s push for energy independence.
Dangote Group Applauds Regional Collaboration
In response, Alhaji Aliko Dangote, President and CEO of DIL, praised Afreximbank’s leadership and vision.
“This facility not only strengthens our balance sheet, it also speeds up the delivery of refined products across Africa,” Dangote said.
He added that the broad interest from African and global financial institutions proves strong investor confidence in Africa’s industrial future.
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The Dangote Refinery sits in the Lekki Free Trade Zone in Lagos. It has the capacity to meet all of Nigeria’s fuel needs while still exporting to other African countries.
The project is expected to save billions in foreign exchange and reduce Nigeria’s reliance on imported fuel. It will also play a critical role in securing long-term energy stability across the continent.
DANGOTE REFINERY AT A GLANCE
| Item | Details |
|---|---|
| Afreximbank Contribution | $1.35 billion |
| Total Syndicated Facility | $4 billion |
| Refinery Capacity | 650,000 barrels per day |
| Location | Lekki Free Trade Zone, Lagos |
| Operations Commenced | 2024 |
| Lead Syndication Arranger | Afreximbank |
| Key Goals | Refinance costs, ensure operations |
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
