By: Ecofin agency

Afreximbank announced $1.35B in financing for Nigeria’s Dangote refinery, part of a $4B syndicated deal.
• The 650,000 bpd refinery has faced $3.65B in debt and a Fitch ratings withdrawal.
• The funding supports operations and reinforces Afreximbank’s role in Africa’s industrial development.

African Export-Import Bank (Afreximbank) announced a $1.35 billion financing facility on Monday, August 4. The funds will refinance construction of a massive oil refinery and petrochemical complex owned by Nigerian billionaire Aliko Dangote.

The facility is part of a larger, approximately $4 billion syndicated financing agreement with Dangote Industries Limited (DIL), Africa’s largest industrial conglomerate. Afreximbank, the largest contributor to the deal among participating banks, served as the mandated lead arranger for the syndication.

This financing will ease initial operating expenses and strengthen DIL’s balance sheet, supporting its growth. Afreximbank has backed the Dangote refinery since it began operating in January 2024, providing key financing for crude oil supply and product purchases. This support ensures operational continuity and reinforces Afreximbank's role in one of Africa's most significant refining projects.

The world’s largest single-train refinery, with a capacity of 650,000 barrels per day, the Dangote facility had previously faced significant debt, uncertain profitability, and financial pressures that created challenges for DIL. In February 2025, ratings agency Fitch Ratings withdrew all ratings for the Nigerian conglomerate for commercial reasons, having placed DIL on negative watch. The withdrawal came as DIL faced $2 billion in senior syndicated debt and $1.65 billion in intra-group loans payable on demand.

The new syndicated financing arranged by Afreximbank is expected to help the conglomerate, which also operates in cement, fertilizers, and sugar, avoid a liquidity crisis and regain market confidence.

"Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within," said Aliko Dangote, president and CEO of DIL. "This refinancing strengthens our balance sheet and easily accelerates the refinery’s supply of high-quality refined petroleum products across Africa."

Afreximbank President Benedict Oramah added, "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."