Lagos: African Export-Import Bank (Afreximbank) has announced the signing of a US$1.35 billion financing facility for Dangote Industries Limited. This facility is part of a larger approximately US$4 billion syndicated financing arrangement, positioning Afreximbank as the Mandated Lead Arranger for the syndication involving Africa’s largest industrial conglomerate.

According to African Press Organization, this financing is one of the largest syndicated loans in recent African financial markets and aims to refinance capital spent on the construction of the Dangote Petroleum Refinery and Petrochemicals Complex. The refinery, noted as the biggest single-train refinery in the world, has a capacity of 650,000 barrels per day. The financing will alleviate initial operational expenditures and enhance Dangote Industries Limited’s balance sheet, supporting its growth trajectory.

Afreximbank’s contribution of US$1.35 billion is the largest share among participating banks, highlighting its commitment to infrastructure projects that promote Africa’s industrialization, energy security, and intra-African trade.

Alhaji Aliko Dangote, President and Chief Executive of Dangote Industries Limited, stated that Afreximbank’s contribution to this significant financing reflects a shared vision to industrialize Africa. The refinancing strengthens Dangote’s balance sheet and facilitates the refinery’s supply of refined petroleum products across Africa.

The syndicated facility attracted robust participation from leading African and international financial institutions, demonstrating strong confidence in Africa’s industrial potential and Dangote’s transformative vision for the continent.