Afreximbank Backs Dangote with $1.35 Billion to Boost Refinery Operations

Dangote Industries Limited has secured a $1.35 billion financing facility from the African Export-Import Bank (Afreximbank) to support its multi-billion-dollar refinery and petrochemical complex.

The funding is part of a broader $4 billion syndicated deal involving other African and global financial players, with Afreximbank taking the lead and contributing the highest share.

According to the bank, the financing will help refinance earlier capital injected into the 650,000 barrels-per-day refinery project, widely regarded as the largest single-train refinery globally, and ease initial operational costs.

Commenting on the deal, Afreximbank President, Professor Benedict Oramah, said the bank’s involvement reflects a firm belief in African-led development.

“Africa’s transformation must be funded from within. Supporting this refinery means investing directly in energy independence and industrial growth,” he stated.

Aliko Dangote, President of Dangote Industries, noted that the deal would not only enhance the company’s financial position but also accelerate the delivery of refined products across Africa.