August 5, 2025 — The African Export-Import Bank (Afreximbank) has officially signed a landmark $1.35 billion financing facility for Dangote Industries Limited, marking a major injection into the $4 billion debt refinancing plan for the Dangote Refinery project.
In a statement released on Monday, Afreximbank confirmed its lead role in mobilising funds to support the refinancing structure for the world-class refinery situated in Lekki, Lagos. The facility forms part of a syndication process aimed at easing the project’s financial commitments and enhancing liquidity for operational expansion.
According to the continental lender, the transaction was executed with the collaboration of a consortium of African financial institutions, all committed to strengthening intra-African trade and industrialisation. The bank said the funding demonstrates its commitment to backing transformative infrastructure and energy projects that are pivotal to Africa’s economic advancement.
Dangote Refinery, which began operations earlier this year, is touted as Africa’s largest petrochemical complex with a processing capacity of 650,000 barrels of crude oil per day. The facility is projected to significantly reduce Nigeria’s dependence on fuel imports, support foreign exchange earnings, and foster energy self-sufficiency.
Reacting to the development, President of the Dangote Group, Aliko Dangote, praised the bank’s leadership in providing long-term capital that enables industrial projects to thrive. He emphasized that the refinancing deal would strengthen the refinery’s sustainability and support further downstream expansion.
The Afreximbank President, Prof. Benedict Oramah, described the loan as a “bold step toward economic transformation” and expressed confidence in the refinery’s long-term value to Nigeria and Africa at large.
This financing move not only underscores Afreximbank’s growing influence in Africa’s industrial finance space but also signals renewed investor confidence in Nigeria’s flagship energy infrastructure.
