In its quest to expand capacity, the Dangote Refinery located in Lagos has approached the African Export-Import Bank (Afreximbank), seeking a $5 billion loan to fund the project.
New president of the bank, George Elombi, revealed this during his inaugural address at Afreximbank’s investiture ceremony in Cairo.
Elombi, who stated that Aliko Dangote personally gave him the hint, pledged that they would rally round and ensure that the fund is raised for the refinery expansion project.
“Alhaji Dangote indicated to me this morning that he will be coming for an additional $5bn to expand the refinery. We have agreed to look for the money wherever it is, in Afreximbank, in your individual accounts. We believe it has to be done,” he stated.
Underscoring the potential significance of funding the refinery expansion, Elombi stated that when done, it could double production and cut prices by 50 per cent for Nigeria and other West African countries.
This, according to him, could be a regional game-changer for fuel supply and trade.
President of the Dangote Group, Aliko Dangote, on Sunday announced plans to expand the production capacity of the $20 billion facility, from the current 650,000 barrels per day to 1.4 million barrels per day, becoming the largest in the world.
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The facility, mainly financed with Afreximbank support, has been hailed as crucial to Nigeria’s industrial transformation and energy security.
In August 2025, Afreximbank approved a $1.35 billion loan to Dangote Industries Limited as part of a $4 billion syndicated refinancing for the 650,000 barrels-per-day refinery and petrochemical complex, which is advertised as the world’s largest single-train refinery.
Elombi seized the opportunity to explain his strategic priorities, which include boosting value addition in Africa’s minerals, promoting the AfCFTA agenda, increasing infrastructure investment, and extending digital integration.
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He cautioned against external influences on the continent’s financial sovereignty and underlined the bank’s mission to support production and industrialization.
Elombi said shareholders have tasked him with increasing Afreximbank’s balance sheet to $250 billion within a decade, with certain executives pushing for a $350 billion target, while assuring verifiable development impact.
He expressed gratitude to his predecessor, Benedict Oramah, whose leadership reportedly increased the bank’s assets by eightfold to $43.5 billion and revenues by $3.24 billion.
Dangote commended Elombi on his leadership throughout Afreximbank’s COVID-19 response and subsequent quick balance-sheet expansion.
Dangote reaffirmed the group’s commitment to defending African trade and production, promising to continue working with the bank.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
