The African Export-Import Bank (Afreximbank) has announced the successful execution of a $1.35 billion financing facility for Dangote Industries Limited (DIL), marking a major step in a $4 billion syndicated financing arrangement designed to support one of Africa’s most transformative industrial projects.
The bank disclosed the development in a statement published on its official website on Sunday, stating that it acted as the Mandated Lead Arranger for the syndicate, one of the largest syndicated loans ever seen in African financial markets.
“This financing, one of the largest syndicated loans in recent African financial markets, will refinance capital already deployed in the construction of the Dangote Petroleum Refinery and Petrochemicals Complex,” the statement read. The complex is the world’s largest single-train refinery with a daily refining capacity of 650,000 barrels.
Afreximbank’s contribution of $1.35 billion represents the largest single share among the participating institutions, reaffirming the bank’s commitment to funding large-scale infrastructure projects that promote Africa’s industrialization, energy self-sufficiency, and intra-African trade.
Commenting on the historic deal, Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, emphasized the importance of homegrown financing in driving the continent’s development agenda.
“With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. It is only when African institutions lead the way that others can follow,” Oramah said.
“The journey to utilise African resources for its own economic transformation is well underway. Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd 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.”
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, lauded the bank’s support and the broader confidence the facility reflects in Africa’s industrial future.
“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within,” he said. “This refinancing strengthens our balance sheet and accelerates with ease the refinery’s 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’s industrial potential and Dangote’s vision in transforming Africa.”
Operations at the Dangote Refinery complex commenced in February 2024, and Afreximbank has since continued its backing with key financial instruments for crude oil supply and product offtake. This support has ensured uninterrupted operations and reinforced the refinery’s status as a strategic pillar in Africa’s push for energy security and industrial growth.
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