The African Export-Import Bank has signed a $1.35 billion financing deal with Dangote Industries Limited, offering fresh support for the company’s 650,000 barrels-per-day refinery and petrochemicals complex—the largest of its kind in the world.
The loan is part of a wider $4 billion syndicated facility, with Afreximbank leading the charge and contributing the biggest share. The funds will help refinance earlier investments made during the refinery’s construction and ease early operating costs, giving Dangote Industries more financial flexibility as the refinery ramps up production.
Afreximbank’s President, Prof. Benedict Oramah, said the deal shows that Africa has what it takes to fund its own development. “Africa’s energy security is in sight,” he noted.
Aliko Dangote welcomed the support, calling it a major boost for the refinery’s plans to supply refined petroleum products across Nigeria and the rest of Africa. Since operations began in February 2024, Afreximbank has remained a key partner, also helping to finance crude supply and product distribution.
