Dangote Sees Growth In Export Of Refined Products With $1.35Bn Afreximbank’s Deal

The president/chief government of Dangote Industries Restricted, Aliko Dangote, has stated the corporate’s refinery mission will  maintain capability utilisation and enlargement after it secured a $1.35 billion deal from the African Export-Import Financial institution (Afreximbank).

Dangote stated, “Afreximbank’s contribution to this milestone financing underscores our shared imaginative and prescient to industrialise Africa from inside. This refinancing strengthens our stability sheet and accelerates the refinery’s provide of high-quality refined petroleum merchandise throughout Africa simply.

The syndicated facility attracted robust participation from main African and worldwide monetary establishments, reflecting enduring confidence in Africa’s industrial potential and Dangote’s imaginative and prescient in remodeling Africa”.

Afreximbank had earlier introduced the signing of a US$1.35 billion financing facility for Dangote Industries Restricted (DIL).

The ability is a component of a bigger US$4 billion syndicated financing association for Dangote Industries Restricted (DIL), Africa’s largest industrial conglomerate. Afreximbank acted because the Mandated Lead Arranger for the syndication.

This financing— one of many largest syndicated loans in current African monetary markets—will refinance capital expended on developing the Dangote Petroleum Refinery and Petrochemicals Advanced, the largest single-train refinery on the planet with a capability of 650,000 barrels per day. The financing alleviates preliminary operational expenditures and enhances DIL’s stability sheet, supporting its continued progress trajectory.

Afreximbank contributed US$1.35 billion, the most important share amongst taking part banks, underscoring its dedication to large-scale infrastructure that advances Africa’s industrialisation, vitality safety, and intra-African commerce.

Since operations on the refinery advanced started in February 2024, Afreximbank has continued to help the Dangote Refinery by offering key financing options for crude provide and product offtake, making certain uninterrupted operations and reinforcing its function in Africa’s most important refining intervention.

Commenting on the event, Professor Benedict Oramah, President & Chairman of the Board of Administrators at Afreximbank, stated:

“With this landmark deal, we once more display that Africa’s improvement can solely be meaningfully financed from inside. It’s only when African establishments paved the way that others can observe. The journey to utilise African sources for its financial transformation is underway. By the Financial institution’s funding help, we’re enhancing the capability of the Dangote Refinery and Petrochemical Industries Ltd to provide and provide high-quality refined petroleum merchandise to the Nigerian market and export to all the continent and the world. Our vitality safety is in sight.”