Dangote Industries Limited, Africa’s largest industrial conglomerate, has secured a $4 billion syndicated loan, with the African Export-Import Bank (Afreximbank) leading the facility and contributing $1.35 billion, the largest stake among lenders.

The financing will refinance capital for the Dangote Oil Refinery and Petrochemical Complex, the world’s largest single-train refinery, boasting a processing capacity of 650,000 barrels per day. The loan aims to ease initial operating costs and strengthen Dangote’s balance sheet to support continued growth.

Since beginning operations in February 2024, the refinery has relied on ongoing Afreximbank financing for crude supply and product off-loading, ensuring smooth operations amid a complex market environment.

The announcement follows recent leadership changes at Dangote Industries. Aliko Dangote, the group’s chairman and managing director, recently stepped down from chairmanship roles at Dangote Cement Plc and Dangote Sugar Refinery Plc. The moves signal a strategic focus on the $20 billion refinery and petrochemical project.

Professor Benedict Oramah, Afreximbank president, described the deal as evidence of increasing African financial institutions’ capacity to fund large-scale infrastructure projects, a critical step towards advancing the continent’s energy security.

Aliko Dangote framed the refinancing as a catalyst to accelerate Africa’s industrialization by expanding the availability of refined petroleum products across the continent.

The syndicated loan attracted strong participation from leading African and international banks, reflecting investor confidence in the continent’s industrial potential and Dangote’s pivotal role in Africa’s economic transformation.