Dangote Industries Limited is the beneficiary of a $1.35 billion credit arrangement inked with Afreximbank.
The credit is a component of a broader $4 billion syndicated financing agreement for Dangote Industries Limited, in which Afreximbank served as the Mandated Lead Arranger, according to a statement from the continental bank.
This financing will refinance capital spent on building the Dangote Petroleum Refinery and Petrochemicals Complex, the largest single-train refinery in the world with a capacity of 650,000 barrels per day. It is one of the largest syndicated loans in recent African financial markets. The funding supports DIL’s ongoing growth trajectory by lowering initial operating expenses and improving its balance sheet.
The greatest contribution of any participating bank, $1.35 billion, came from Afreximbank, demonstrating its dedication to large-scale infrastructure that promotes intra-African commerce, energy security, and industrialization in Africa.
Professor Benedict Oramah, the President and Chairman of the Afreximbank Board of Directors, commented on the event, saying, “With this historic agreement, we once again show that Africa’s development can only be meaningfully financed from within.” Others can only follow African institutions that set the example. The process of using African resources to develop its economy is well under way.
We are strengthening the Dangote Refinery and Petrochemical Industries Ltd.’s ability to manufacture and deliver premium refined petroleum products to the Nigerian market, as well as for export to the continent and beyond, with the help of the bank’s finance support. We can see our energy security.
“Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within,” said Aliko Dangote, president and chief executive of Dangote Industries Limited. Our bank sheet is strengthened by this refinance, which also makes it easier for refineries to supply Africa with premium refined petroleum products.
According to Afreximbank, since operations at the refinery complex started in February 2024, the bank has supported the Dangote Refinery by offering crucial financing options for the supply of crude and the offtake of products, guaranteeing continuous operations and reaffirming its involvement in Africa’s largest refining intervention.
Leading African and foreign financial institutions showed a strong interest in the syndicated facility, demonstrating their continued faith in Africa’s economic potential and Dangote’s goal to develop the continent.
