The African Export-Import Bank (Afreximbank) has disclosed that Nigerian industrialist Aliko Dangote is seeking an additional $5 billion to expand his Lagos refinery.
During his inaugural address at Afreximbank’s investiture ceremony in Cairo, George Elombi, the new president and chairman of Afreximbank, revealed that Dangote personally shared the plan and confirmed that the bank would explore all possible financing avenues.
He said, “Alhaji Dangote informed me this morning of his intention to secure an extra $5 billion to expand the refinery.
“We have agreed to seek the funds wherever necessary, including through Afreximbank and individual investors.
“This expansion is crucial.”
The $20 billion Dangote refinery, largely financed by Afreximbank, is regarded as a transformative project for Nigeria’s energy sector.
Elombi emphasized that the expansion could double production and reduce fuel prices by up to 50 percent in Nigeria and across West Africa, significantly reshaping the regional fuel market.
He also acknowledged the achievements of his predecessor, Benedict Oramah, under whose leadership Afreximbank’s assets grew eightfold to $43.5 billion, with revenues rising to $3.24 billion.
Elombi pledged to build on this foundation, focusing on mineral value addition, implementation of the African Continental Free Trade Area (AfCFTA), infrastructure investment, and digital integration.
Reiterating Afreximbank’s commitment to African industrialisation and financial sovereignty, Elombi remarked, “Africa cannot trade without producing, and production requires transforming the structure of our trade. This is not mission drift; it is mission delivery.”
Elombi further disclosed that shareholders tasked him with growing Afreximbank’s balance sheet to $250 billion within a decade, with some African leaders advocating a $350 billion target, ensuring tangible impact for every dollar invested.
In his message, Dangote congratulated Elombi on his appointment, commending his leadership during Afreximbank’s COVID-19 response and growth of the bank’s assets from $6 billion to $44 billion.
He affirmed the Dangote Group’s commitment to supporting Afreximbank in advancing Africa’s trade and production.
Earlier, in August, Afreximbank provided a $1.35 billion facility for Dangote industries limited as part of a $4 billion syndicated financing arrangement to refinance the construction of the 650,000 barrel per-day refinery and petrochemical complex the largest single train refinery globally demonstrating the bank’s
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