Afreximbank has emerged as the mandated lead arranger in a landmark US $4 billion syndicated refinancing for Dangote Industries Limited. In a deal signed on 4 August 2025, the Pan‑African bank committed US $1.35 billion—the largest single tranche—to help refinance the Dangote Petroleum and Petrochemicals Complex, the world’s largest single‑train refinery with a 650,000-barrels‑per‑day capacity.
Since operations kicked off in February 2024, Afreximbank has continued to shore up Dangote Refinery with crucial financing. These funds are intended to ease capital expenditures, strengthen the balance sheet of Dangote Industries Limited, and enable the seamless supply of Euro V‑quality refined fuels to both domestic and African markets.
In announcing the deal, Afreximbank President and Chairman Professor Benedict Oramah emphasized that the transaction underscores Africa’s capacity to finance its own development. He hailed the partnership as a demonstration of African institutions leading transformative projects, aligning with broader goals of industrialisation, energy security, and intra‑African trade.
Alhaji Aliko Dangote, President and CEO of Dangote Industries Limited, lauded the bank’s role in the transaction, describing the financing as pivotal to reinforcing the refinery’s growth trajectory and accelerating the supply of high‑quality petroleum products across the continent.
Indeed, this refinancing marks one of the largest syndicated loan arrangements in recent African financial history. It highlights the scale of the refinery complex—valued at near US $19 billion—and Afreximbank’s position as the largest financier behind it.
Beyond this transaction, the bank has injected over US $4 billion into the Dangote Refinery since the onset of construction, supporting everything from crude oil supply lines to offtake agreements to ensure uninterrupted operations.
As Nigeria inches closer to becoming a net exporter of refined petroleum products, this financing deal is set to alleviate pressure on forex resources, reduce dependence on fuel imports, and boost regional economic integration.
