Five-year facility backed by African and global lenders to refinance debt and drive expansion of Africa’s largest refinery….
The African Export-Import Bank has underwritten $2.5 billion in a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, in a major financing deal aimed at strengthening the refinery’s balance sheet and supporting its long-term growth plans.
The five-year facility, arranged alongside Access Bank as co-Mandated Lead Arrangers, is structured to refinance existing debt, optimise capital structure and better align the company’s financing with its operational scale.
The deal marks a significant milestone for the Dangote Refinery, widely regarded as Africa’s largest refining and petrochemical complex, with a production capacity of 650,000 barrels per day.
Afreximbank’s $2.5 billion contribution represents the largest share of the syndicated loan, highlighting its role in mobilising capital for large-scale industrial projects across Africa. The bank said the financing supports its broader mandate to drive industrialisation, reduce dependence on imported petroleum products and strengthen intra-African trade.
Since the commencement of refining operations in February 2024, Afreximbank has remained a key financial partner to the project. Its support has included a $1 billion working capital facility as well as advisory services on the Naira-for-Crude initiative, designed to facilitate crude oil procurement and refined product sales in local currency.
Speaking during a strategy session in Cairo, Egypt, President and Chairman of the Board of Directors of Afreximbank, George Elombi, said the bank’s continued investment reflects strong confidence in African-led 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,” he said. “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.”
Elombi revealed that Afreximbank has committed approximately $15 billion to the Dangote Group since 2015, underscoring the depth of its long-standing partnership with the conglomerate.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the financing as a critical step in positioning the refinery for its 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,” he said. “We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa and global markets.”
The syndicated facility drew strong participation from a mix of African and international financial institutions, reflecting sustained investor confidence in the refinery as a transformative asset for enhancing energy security, reducing import dependence and advancing industrial development across the continent.
