Nigeria’s biggest oil‑processing venture, Dangote Refinery, is courting foreign investors for a private debt placement of up to $1 billion, sources familiar with the plan said. The deal follows a $750 million bond sale for Dangote Fertiliser in April and precedes an anticipated initial public offering of the refinery. Company officials declined comment.

Running at full capacity of 700,000 barrels per day, the plant recently hit its design limit of 650,000 bpd before the US‑Israel‑Iran flare‑up. With African buyers scrambling for non‑Middle‑Eastern fuel, demand has surged, prompting Dangote to seek both debt and a private‑placement that attracted about $2 billion of investor interest. The funding will back a plan to double output.

The debt issue dovetails with Dangote’s broader $40 billion investment drive, which includes a deep‑water seaport, a 20 GW power complex and a push into liquefied natural gas. By leveraging international capital markets, the tycoon hopes to cement the refinery’s role as Africa’s fuel hub and reduce reliance on volatile Middle‑East shipments. The transaction will test investor appetite for emerging‑market infrastructure debt.

Investors eye the offering as a barometer for Africa’s sovereign‑risk appetite, especially after the successful fertilizer bond. A confirmed $1 billion raise could lower the refinery’s leverage and improve margins, making the pending IPO more attractive. Failure to close the debt would force Dangote to delay expansion and could pressure regional fuel prices.