Leading African financier reveals role in Dangote's oil refinery, discloses over $4b investment

Africa's leading financier, the African Export-Import Bank (Afreximbank) has disclosed that its financial support to the Dangote Refinery and Petrochemical Industry has exceeded $4 billion.

Afreximbank has provided financial support exceeding $4 billion to the Dangote Refinery and Petrochemical Industry.

The bank reported financial growth, with assets and guarantees increasing to $43.5 billion by April 2025 and net income rising to $1 billion.

Afreximbank has disbursed significant investment across Africa, reaching $120 billion between 2020 and 2025 to boost regional production.

The President and Chairman of the Board, Prof. Benedict Oramah, made the announcement during the closing session of the bank’s 32nd Annual Meetings on Friday.He said the intervention was made possible through what he termed “African Best Practice,” which allowed the bank to step in when others could not.“That was why, when others could not, we were able to directly and indirectly support the Dangote Refinery and Petrochemical Industry with over $4 billion,” he stated.
Now operational, the refinery is helping Nigeria reduce petroleum import costs by $10 to $12 billion annually, increasing value-added exports, and building a strong industrial foundation.Oramah also reflected on Afreximbank’s wider continental efforts, stating that the bank has invested about $120 billion across Africa and the Caribbean between 2020 and May 2025.He added that $50 billion was disbursed between 2022 and 2023 alone to strengthen internal production capacity and reduce dependence on Black Sea supplies.Over the past decade, total investments have reached $155 billion. 

The bank’s assets and guarantees grew more than eightfold, reaching $43.5 billion by April 2025, while revenue increased from $408 million in 2015 to $3.24 billion.Net income also jumped to $1 billion, up from $125 million, and shareholders’ funds climbed to $7.5 billion. Oramah credited this growth to consistent reinvestments, noting that 50–70% of dividends were reinvested annually.