The new President and Chairman of the African Export-Import Bank (Afreximbank), George Elombi, has revealed that Aliko Dangote is seeking an additional $5 billion to expand his refinery in Lagos.
During his inaugural speech at Afreximbank's investiture ceremony in Cairo, Elombi said that Dangote had personally disclosed the plan earlier and assured that the bank would explore all possible financing options.
“Alhaji Dangote indicated to me this morning that he will come for an additional $5 billion to expand the refinery. We have agreed to look at where the money is, including Afreximbank and your personal accounts. We believe this should be done.
Also read: Refinery to reach 1.4 million bpd production by 2028- Aliko Dangote
“If that is done, it will double production and reduce prices by 50 per cent, probably for Nigeria and all the countries along this West African coast. That will be a significant change,” he told the gathering.
The $20 billion Dangote Refinery, largely financed by Afreximbank, has been described as a transformational project for Nigeria's energy landscape. Elombi said the planned expansion could reshape fuel supplies across West Africa, reduce costs and boost regional trade.
He also paid tribute to his predecessor Benedict Oramah, during whose tenure the bank's assets grew eight-fold to $43.5 billion and revenues to $3.24 billion.
Elombi promised to build on these achievements by focusing on value addition in minerals, implementation of the African Continental Free Trade Area, infrastructure investment and digital integration.
While warning against external interference in Africa's financial sovereignty, Elombi reaffirmed Afreximbank's mandate to finance production and industrial transformation.
“How can Africa trade unless it produces? And how can it produce without changing the structure of its trade? This structural change is not mission drift; it is mission delivery,” he said.
He said shareholders had tasked him with expanding the bank's balance sheet to $250 billion within a decade, a goal of the $350 billion urged by some African leaders, while ensuring that every dollar had a real impact.
In his goodwill message, Dangote congratulated Elombi on his appointment, praising his leadership during Afreximbank's COVID-19 response and his role in growing the bank's assets from $6 billion to $44 billion.
Dangote highlighted the importance of protecting African trade and production to the economic security of the continent and said, “At the WTO, our Vision 2030 strategic plan projects that we will be a $100 billion organization in the next five years. However, now having you at the helm of this great institution, I am confident that our goals will be achieved very soon, building on our existing great partnership.”
“You have my personal support and assurance that, as the Dangote Group, we will be by your side as you lead this new success of our future plan,” he said, pledging the Dangote Group’s continued support for Afreximbank.
Also read: Management says more than 650 vessels transport oil from Dangote refinery to the global market within a year
In August 2025, Afreximbank announced a $1.35 billion facility for Dangote Industries Limited as part of a $4 billion syndicated financing deal to refinance the construction of a 650,000-barrel-per-day refinery and petrochemical complex, the world's largest single-train refinery.
The Bank made its greatest contribution underlining its commitment to Africa's industrialization, energy security and trade development.
