African Export-Import Bank (Afreximbank) has underwritten $2.5 billion of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, in a move aimed at strengthening the refinery’s financial position and supporting its long-term growth strategy.
The five-year facility, arranged alongside Access Bank as co-Mandated Lead Arrangers, is designed to consolidate existing debt, optimise the refinery’s capital structure, and align financing with operational realities. The transaction marks a major milestone for Africa’s largest refining and petrochemical complex, which processes 650,000 barrels of crude oil per day.
Afreximbank’s $2.5 billion participation represents the largest share of the syndicate, highlighting its strategic role in mobilising capital for industrial projects across the continent. The financing aligns with the bank’s mandate to promote industrialisation, reduce Africa’s reliance on imported petroleum products, and deepen intra-African trade.
Since operations began in February 2024, Afreximbank has played a pivotal role in supporting the refinery, including providing a $1 billion working capital facility and acting as financial adviser on the Naira-for-Crude initiative, which facilitates crude procurement and product sales in local currency.
Speaking during a strategy session in Cairo, Egypt, Dr George Elombi, President and Chairman of Afreximbank, said the bank’s continued backing reflects confidence in indigenous African enterprises. “We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African. When we invest in ourselves, we do more than create jobs and wealth or expand government revenues; we build a secure and resilient future for our continent,” he said. Elombi disclosed that Afreximbank has committed about $15 billion to Dangote Group since 2015.
Aliko Dangote, President and CEO of Dangote Industries Limited, described the financing as a critical step for the refinery’s next phase of expansion. “This financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positions the business for the next phase of its growth. We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa, and global markets,” he said.
