Afreximbank Races to Help Dangote Raise $5bn for World’s Largest Refinery Expansion
- Dangote has an ambitious plan of building the world’s largest refinery in Nigeria
- The Nigerian billionaire disclosed that he is seeking an additional $5 billion to help complete the refinery’s expansion
- The new President and Chairman of Afreximbank, George Elombi, disclosed that the bank will help Dangote with the funding
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
In a stunning development that could reshape Africa’s energy landscape, the African Export-Import Bank (Afreximbank) has pledged to help billionaire industrialist Aliko Dangote raise an additional $5 billion to expand his Lagos refinery, already the world’s largest single-train petroleum refinery.
The revelation came from Afreximbank’s new President and Chairman, George Elombi, during his inaugural speech at the bank’s investiture ceremony in Cairo on Saturday.
Source: UGC
Elombi disclosed that Dangote personally informed him of the plan just hours before the event.
“Alhaji Dangote indicated to me this morning that he will be coming for an additional $5 billion to expand the refinery. We have agreed to look for the money wherever it is in Afreximbank, in your individual accounts.
We believe it has to be done,” Elombi said, drawing applause from dignitaries present.
A bold vision to transform Africa’s energy future
Elombi explained that the proposed expansion would double the refinery’s production capacity and potentially slash fuel prices across Nigeria and West Africa by up to 50%.
Such a move, he said, would not only stabilize regional fuel supply but also ripple through the continent’s economies, lowering inflation and strengthening industrial output.
According to a report by Punch, the $20 billion Dangote Refinery, financed largely by Afreximbank, has been hailed as a symbol of Africa’s industrial self-reliance.
With a daily refining capacity of 650,000 barrels, it already dwarfs similar projects across the continent.
“If this expansion happens,” Elombi said, “it will be a significant change for Nigeria and for all countries along this West African coast.”
Afreximbank’s ambitious growth targets
Elombi also used his inaugural speech to chart the future of Afreximbank under his leadership.
He vowed to continue the transformation initiated by his predecessor, Professor Benedict Oramah, whose decade-long tenure saw the bank’s assets rise eightfold to $43.5 billion, revenues soar to $3.24 billion, and shareholders’ funds expand from $1 billion to $7.5 billion.
The new president revealed an audacious goal: to grow the bank’s balance sheet to $250 billion within ten years, with some African leaders urging him to aim even higher — $350 billion.
“Our mission is not just to finance commodities but to finance production, transformation, and trade,” Elombi said.
“How can Africa trade unless it produces? And how can it produce without changing the structure of its trade? This structural transformation is not mission drift; it is mission delivery.”
Dangote: Afreximbank is Africa’s backbone
In a goodwill message, Aliko Dangote congratulated Elombi and pledged his “personal support” for the new leadership.
He praised the bank’s resilience and growth under Oramah and Elombi, particularly its decisive interventions during the COVID-19 crisis, which helped stabilize economies across Africa and the Caribbean.
“At the WTO, our Vision 2030 Strategic Plan projects that we will be a $100 billion organisation in the next five years,” Dangote noted. “But with you at the helm, I’m confident we’ll reach that milestone even sooner.”
He lauded Afreximbank as “the backbone of Africa’s industrial growth” and vowed that the Dangote Group would stand shoulder-to-shoulder with the bank in its next chapter.
Financing Africa’s biggest dream
This isn’t the first major collaboration between the two giants. In August 2025, Afreximbank led a $4 billion syndicated loan to refinance the Dangote Refinery project — contributing $1.35 billion, the largest share of the facility.
That landmark deal underscored the bank’s faith in Dangote’s vision and its broader mission to fuel Africa’s industrial transformation.
Now, as Afreximbank races to mobilize yet another $5 billion, the world watches closely. If successful, this bold partnership could mark the moment when Africa not only refined its crude — but redefined its future.
A prior report by Legit.ng also disclosed that the Nigerian billionaire has revealed plans to list the massive refinery on the Nigerian Stock market.
Dangote said he will reduce his stakes in the facility and hinted on allowing the Nigerian National Petroleum Company Limited (NNPC) to increase its stake in the refinery from the current 7.5%.
Source: Getty Images
New 450,000-barrel plant to emerge in southwest
Legit.ng earlier reported that In a transformative move for Nigeria’s energy industry, Gasoline Associates International Limited (GAIL), led by its Chairman and CEO, Lukman Akande Bolaji, has announced the launch of a major refinery project in Ipokia, Ogun State.
The new refinery will begin with a capacity to process 100,000 barrels of crude oil per day, with long-term plans to scale up to 450,000 barrels daily.
Once operational, the refinery will produce critical petroleum products such as Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Liquefied Petroleum Gas (LPG), and Jet Fuel (ATK), while also delivering petrochemical derivatives to both domestic and international markets.
Source: Legit.ng
