The African Export-Import Bank has underwritten $2.5 billion in a $4 billion syndicated loan for the Dangote Petroleum Refinery and Petrochemicals, reinforcing its financial position and supporting long-term expansion plans.
The five-year facility, arranged alongside Access Bank as co-mandated lead arranger, is aimed at consolidating existing debt and optimising the refinery’s capital structure.
The financing marks a major milestone for the Dangote Refinery, Africa’s largest refining and petrochemical complex with a capacity of 650,000 barrels per day.
Afreximbank’s contribution represents the largest share of the syndicate, underscoring its strategic role in mobilising capital for industrial projects across the continent.
The bank said the deal aligns with its mandate to promote industrialisation, reduce dependence on imported petroleum products, and deepen intra-African trade.
Since operations began in February 2024, Afreximbank has supported the refinery with a $1 billion working capital facility and advisory roles, including involvement in the Naira-for-Crude initiative.
Speaking in Cairo, President and Chairman of Afreximbank, George Elombi, said the bank’s continued backing reflects confidence in African enterprises.
He disclosed that the bank has committed about $15 billion to the Dangote Group since 2015, highlighting the depth of its partnership.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the financing as a critical step in strengthening the refinery’s financial base and positioning it for future growth.
He noted that the facility would support the expansion of world-class industrial capacity to serve Nigeria, Africa, and global markets.
The syndicated loan also attracted participation from African and international financial institutions, reflecting strong investor confidence in the refinery’s role in enhancing energy security and driving industrialisation across the continent.
