• Afreximbank has signed a $1.35 billion loan financing for Dangote Industries Limited (DIL) as part of a larger $4 billion syndicated credit plan.
  • Syndication of one of the largest loans in recent African financial markets that aims refinance construction of the Dangote Petroleum Refinery and Petrochemicals Complex.
  • Dangote Refinery is the biggest single-train refinery in the world with a capacity of 650,000 barrels per day.

The African Export-Import Bank (Afreximbank) has signed a $1.35 billion loan financing for Dangote Industries Limited (DIL) as part of a larger $4 billion syndicated credit plan secured by one of Africa’s largest industrial conglomerate.

In a market update, Afreximbank said it acted as the Mandated Lead Arranger, for the syndication of one of the largest syndicated loans in recent African financial markets that seeks to refinance construction of the Dangote Petroleum Refinery and Petrochemicals Complex.

This investment is the biggest single-train refinery in the world with a capacity of 650,000 barrels per day. According to Afreximbank, the financing alleviates initial operational expenditures and enhances DIL’s balance sheet, supporting its continued growth.

In the deal, Afreximbank contributed $1.35 billion, the largest share among participating banks, underscoring its commitment to large-scale infrastructure that advances Africa’s industrialization, energy security, and intra-African trade.

Afreximbank back’s development in Africa

Since operations at the refinery complex began in February 2024, Afreximbank has continued to support the Dangote Refinery by providing key financing solutions—for crude supply and product offtake—ensuring uninterrupted operations and reinforcing its role in Africa’s most significant refining intervention.

Commenting on the development, Professor Benedict Oramah, President & Chairman of Board of Directors at Afreximbank, said: “With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within.”

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

Alhaji Aliko Dangote, President and Chief Executive, Dangote Industries Limited, stated “Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within. 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”.

The Dangote Petroleum Refinery and Petrochemicals Complex – key statistics

Situated in Lekki port, in Nigeria, the Dangote Petroleum and Petrochemicals Complex stands out for its scale, innovation, and transformative potential. Below are some of its most outstanding aspects:–

World’s Largest Single-Train Refinery: With a capacity to process 650,000 barrels of crude oil per day, this is the largest single-train refinery globally, surpassing the combined output of Nigeria’s existing refining infrastructure and capable of meeting the country’s entire refined product demand, with surplus for export.

Massive Scale and Infrastructure: The project spans roughly 2,635 hectares. Avalable data shows that the complex required 250,000 piles drilled for civil works and features a 4.7 billion-liter storage capacity with 177 tanks.

Its pipeline infrastructure, which currently stretches 1,100 kilometers, is the largest globally, handling three billion standard cubic feet of gas daily.

High Nelson Complexity Index: With a Nelson Complexity Index of 10.5, higher than the U.S. (9.5) and Europe (6.5) averages, the refinery employs advanced processes such as hydrocracking, residual fluid catalytic cracking (RFCC), and alkylation to maximize value from crude oil, producing high-quality fuels and petrochemicals.

Diverse Product Output: The refinery produces 50 million liters of Euro-V gasoline, 17 million liters of diesel, 10 million liters of kerosene, and two million liters of aviation fuel per day, alongside 838,000 tonnes of polypropylene, 0.24 million tonnes of propane, 32,000 tonnes of sulfur, and 0.5 million tonnes of carbon black annually, supporting plastics, cosmetics, and textiles industries.

Environmental and Quality Standards: Designed to meet World Bank, US EPA, European emission norms, and Nigeria’s Department of Petroleum Resources standards, the refinery produces Euro-V quality fuels, ensuring low sulfur content and environmental compliance, enhancing sustainability.

Self-Sufficient Infrastructure: It features a 435 MW power plant capable of powering the entire refinery and equivalent to the needs of Ibadan DisCo, a self-sufficient marine facility with five Single Point Mooring systems (the largest such order globally), and a 12.3-km jetty to handle heavy equipment and reduce port congestion.

Economic Impact and Job Creation: The $19 billion project is expected to generate $21 billion annually for Nigerian crude, save $9.9 billion in forex through import substitution, and earn $17 billion from exports. It creates 9,500 direct and 25,000 indirect jobs, with potential for up to 100,000 indirect jobs through retail and related sectors.

Fertilizer Plant Integration: Includes a three million-ton-per-year urea fertilizer plant, the largest in West Africa, utilizing refinery by-products to support agriculture, and saving about $0.5 billion in imports and earning the country $0.4 billion in exports.

Global Crude Flexibility: Designed to process a variety of crudes, including African, Middle Eastern, and US Light Tight Oil, this enhances the refinery’s operational flexibility and cuts its reliance on a single crude source, offering it a strategic advantage in the face of volatile global oil markets.

Human Capital Development: Already, it has seen the training of 900 young Nigerian engineers abroad, helping to foster local expertise. The project’s engineering excellence has been lauded, with Nigerian engineers now working as expatriates in the UAE and elsewhere.

Strategic Leadership and Expansion Plans: In July 2025, David Bird, former CEO of Oman’s Duqm Refinery, was appointed CEO of the fuels and petrochemicals division to address operational challenges and drive expansion to 700,000 barrels per day, with plans for port infrastructure upgrades and storage facilities in countries like Namibia.

Export Achievements: By July 2025, the refinery exported a million tonnes of petrol over 50 days to global markets, reducing Nigeria’s gasoline import dependency and exerting pressure on global oil benchmarks, with 220,000 barrels per day of petroleum products exported in July 2025, including jet fuel and gasoil.

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