*African Export-Import Bank (Afreximbank) announces the signing of a US$1.35 billion financing facility in favour of Dangote Industries Limited, Nigeria

Isola Moses | 绿帽献妻

African Export-Import Bank (Afreximbank) has announced the signing of a US$1.35 billion financing facility in favour of Dangote Industries Limited (DIL), Nigeria.

Dangote Group disclosed the facility is part of a larger approximately US$4 billion syndicated financing arrangement for DIL, reputed as Africa鈥檚 largest industrial conglomerate.

Afreximbank acted as the Mandated Lead Arranger, for the syndication, stated Dangote.

The conglomerate also explained that the financing 鈥� one of the largest syndicated loans in recent African financial markets 鈥� would refinance capital expended on constructing the Dangote Petroleum Refinery and Petrochemicals Complex, the biggest single-train refinery in the world with a capacity of 650,000 barrels per day (bpd).

It further stated the financing alleviates initial operational expenditures and enhances DIL鈥檚 balance sheet, supporting its continued growth trajectory.

Afreximbank contributed US$1.35 billion, the largest share among participating banks, underscoring its commitment to large-scale infrastructure that advances Africa鈥檚 industrialisation, energy security, and intra-African trade.

Since operations at the refinery complex began February 2024, Afreximbank has continued to support the Dangote Refinery by providing key financing solutions鈥攆or crude supply and product offtake鈥攅nsuring uninterrupted operations and reinforcing its role in Africa鈥檚 most significant refining intervention.

Commenting on the development, Prof. Benedict Oramah, President and Chairman of Board of Directors at Afreximbank, said: 鈥淲ith this landmark deal, we once again demonstrate that Africa鈥檚 development can only be meaningfully financed from within.

“It is only when African institutions lead the way that others can follow.”

Prof. Oramah said: “The journey to utilise African resources for its own economic transformation is well underway.

“Through the Bank鈥檚 funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemicals Industries Limited to produce and supply high quality refined petroleum products to the Nigerian market, as well as for export to the entire continent and the world. Our energy security is in sight.鈥�

Speaking on the deal also, Alhaji Aliko Dangote, President/Chief Executive of DIL, said: 鈥淎freximbank鈥檚 contribution to this milestone financing underscores our shared vision to industrialise Africa from within.

“This refinancing strengthens our balance sheet and accelerates with ease the refinery鈥檚 supply of high-quality refined petroleum products across Africa.

“The syndicated facility attracted strong participation from leading African and international financial institutions, reflecting enduring confidence in Africa鈥檚 industrial potential and Dangote鈥檚 vision in transforming Africa.鈥�