One of Africa’s richest men, Alhaji Aliko Dangote, is seeking an additional $5 billion to expand his world-class refinery in Lagos. A move that could reshape fuel supply, lower energy costs, and accelerate industrialisation across West Africa.
The announcement was made by the new President of the African Export-Import Bank (Afreximbank), Dr George Elombi, during his investiture ceremony in Cairo on Saturday.
He disclosed that Dangote personally informed him of the expansion plan earlier in the day, stating that Afreximbank is committed to raising the required funding through strategic partnerships and innovative financing structures.
“Alhaji Dangote indicated to me this morning that he will be coming for an additional $5bn to expand the refinery. We have agreed to look for the money wherever it is – in Afreximbank, in your individual accounts,” Dr. Elombi told guests. “If it is done, it will double his production and cut prices by 50 percent, maybe for Nigeria and for all the countries along this West African coast.”
The $20 billion Dangote Refinery, largely financed by Afreximbank, has been welcomed as a transformative infrastructure project for Africa. When fully operational, it is expected to refine 650,000 barrels of crude oil daily, positioning Nigeria as a regional energy hub and reducing dependence on fuel imports.
Afreximbank’s New Vision for Africa
In his speech, Dr Elombi pledged to build on his predecessor’s achievements, noting that under Professor Benedict Oramah, the bank’s assets expanded from $5 billion to over $43 billion in a decade.
READ also how Afreximbank Assets Soar To $44bn Under Oramah’s Decade of Leadership:https://stakebridgeirpr.com/media/2025/10/27/afreximbank-assets-soar-to-44bn-under-oramahs-decade-of-leadership/
His vision focuses on value addition in strategic minerals, infrastructure financing, and digital integration to drive intra-African trade. He also highlighted plans to expand Afreximbank’s balance sheet to $250 billion within 10 years, with a clear mandate: to shift Africa from commodity export dependency to industrial production.
“How can Africa trade unless it produces? And how can it produce without transforming the very structure of its trade? This is not mission drift; it is mission delivery,” he said.
Dangote Pledges Support for Afreximbank
Congratulating Dr Elombi on his appointment, Dangote commended Afreximbank’s transformation into one of Africa’s strongest financial institutions, noting its decisive role in financing projects that strengthen the continent’s economic resilience.
He pledged the support of the Dangote Group for Afreximbank’s new growth phase, saying the bank’s track record demonstrates Africa’s ability to “fund its own future.”
“You have my personal support and assurances that, as Dangote Group, we shall be by your side as you lead this new success of our future plan,” Dangote affirmed.
Strategic Implications
In August 2025, Afreximbank had already extended a $1.35 billion facility to Dangote Industries Limited (DIL) – the largest contribution in a $4 billion syndicated loan that refinanced capital spent on the refinery’s construction.
The financing underscores Afreximbank’s commitment to Africa’s industrialisation, energy security, and economic diversification – principles that align with StakeBridge IRPR Consulting Limited’s vision of advancing Africa’s economic transformation through strategic communication, investor relations, and sustainable partnerships.
As Afreximbank and Dangote align for another phase of industrial growth, the collaboration reflects a new narrative of African-led financing for African development – one defined by trust, collaboration, and strategic foresight.
“If we can finance Africa’s production, we can finance Africa’s prosperity,” Dr. Elombi concluded.
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