Africa’s richest man, Aliko Dangote, is seeking an additional $5 billion to expand his multibillion-dollar refinery complex in Lagos — a move that could significantly alter the continent’s energy dynamics. The disclosure came from Dr. George Elombi, the newly appointed President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), during his investiture ceremony held on Saturday in Cairo, Egypt.
Elombi revealed that Dangote personally discussed the expansion plan with him earlier in the day, noting that Afreximbank would “look for the money wherever it is” to support the project. He explained that the proposed investment would double the refinery’s output and potentially cut fuel prices across West Africa by half, describing the expansion as “a significant change for the region.”
The $20 billion Dangote Refinery, which began operations in 2024, was largely financed by Afreximbank. Often described as a “game changer” for Nigeria’s energy landscape, the facility has the capacity to process 650,000 barrels of crude oil per day, making it the world’s largest single-train refinery. The bank recently led a $1.35 billion syndicated financing arrangement for the Dangote Group — part of a larger $4 billion package — to refinance costs and strengthen the refinery’s operational capacity.
Elombi said the planned expansion aligns with Afreximbank’s broader mission to deepen Africa’s industrial capacity and reduce dependence on imported refined petroleum products. “If this is done, it will not just benefit Nigeria but will reshape fuel supply and pricing across the entire sub-region,” he stated.
In his address, the new Afreximbank chief also paid tribute to his predecessor, Professor Benedict Oramah, under whose leadership the bank’s assets grew more than eightfold to $43.5 billion in a decade, with revenues climbing to $3.24 billion and shareholders’ funds increasing from $1 billion to $7.5 billion.
Elombi outlined an ambitious vision for the institution’s next phase, targeting a $250 billion balance sheet within 10 years — or even $350 billion, as urged by some African leaders. His priorities include financing value addition in critical minerals, advancing the African Continental Free Trade Area (AfCFTA), supporting trade-enabling infrastructure, and leveraging digital technology to strengthen intra-African integration.
He also cautioned against what he termed “growing external hostility” towards African multilateral institutions, warning that such pressures were attempts to undermine the continent’s financial sovereignty. “Afreximbank’s mandate is to change the structure of Africa’s trade by financing production and processing. This is not mission drift — it is mission delivery,” Elombi declared.
Dangote, who attended the event, congratulated Elombi on his appointment and praised his leadership record, particularly during Afreximbank’s coordinated COVID-19 response across Africa and the Caribbean. He described the new president as a “steady hand” capable of steering the institution toward even greater achievements.
Dangote also linked Afreximbank’s growth to Africa’s broader economic transformation, saying the bank’s support had been pivotal to industrial ventures like his refinery. “At the WTO, our Vision 2030 Strategic Plan projects that we will be a $100 billion organisation in five years,” he noted. “But with your leadership, I am confident those targets will be achieved even sooner.”
He reaffirmed his commitment to work closely with Elombi’s administration, pledging the full backing of the Dangote Group. “You have my personal support and assurance that, as a company, we will stand by you as you lead this new success story,” he said.
As Afreximbank transitions into this new era under Elombi’s stewardship, the synergy between the bank and Africa’s industrial leaders like Dangote could play a decisive role in reshaping the continent’s production, trade, and energy landscape — from Lagos to Luanda, and from Cairo to Cape Town.