Dangote Petroleum Refinery
Outgoing President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has highlighted the $24 billion Dangote Petrochemicals Refinery in Lagos as a testament to Africa’s ability to draw global capital for competitive industrial platforms.
Speaking at the 2025 Standard Chartered Bank Africa Summit in Lagos, Adesina emphasized the refinery’s role in demonstrating the continent’s business viability.
“The Dangote Refinery, now supplying petroleum and petrochemicals to Nigeria, other African markets, and globally, showcases Africa’s profitability and potential to attract international investment,” Adesina stated, according to a presentation text obtained by the News Agency of Nigeria (NAN).
Located in the Lekki Free Zone, Ibeju Lekki, Lagos, the 650,000 barrels-per-day facility is Africa’s largest oil refinery and the world’s biggest single-train plant.
Supporting Adesina’s view, the African Export-Import Bank (Afreximbank) recently announced a $1.35 billion financing facility for the refinery, part of a $4 billion syndicated loan for Dangote Industries Limited (DIL), one of Africa’s largest industrial conglomerates.
Afreximbank noted that the loan, among the largest syndicated facilities in recent African markets, will refinance capital used to build the complex.
Adesina also cited the $20 billion Liquified Natural Gas (LNG) project in Mozambique as another example of African enterprises attracting significant foreign direct investment.
He further identified major African corporates like Goldfields Limited, with a market capitalization of $17.46 billion, Naspers Limited ($14.56 billion), Vodacom Group ($12.47 billion), and MTN Group ($10.99 billion) as evidence of Africa’s growing industrial strength.
“African global corporates must be supported with large-scale financing to establish platforms that position the continent as a dominant player in sectors where it holds a competitive edge,” Adesina urged.
He also noted Africa’s critical role in the global energy transition, given its 30% share of global mineral reserves, including cobalt, platinum, and manganese.
“These resources will shape the future of electric vehicle production, mobile phones, computers, and defense systems,” he said, adding that geopolitical competition for these minerals is already influencing global dynamics in Africa. (NAN)
