The African Export-Import Bank (Afreximbank) has underwritten $2.5 billion of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE, in a move aimed at strengthening the refinery’s financial position and supporting its long-term growth.
In a statement issued on Tuesday, Afreximbank said it acted as a co-Mandated Lead Arranger alongside Access Bank Plc for the five-year facility. The loan is intended to consolidate existing debt, optimise the refinery’s capital structure, and align financing with operational realities.
The bank described the deal as a major milestone for the Dangote Refinery, which has a refining capacity of 650,000 barrels per day and is regarded as Africa’s largest refinery and petrochemical complex. Afreximbank’s $2.5 billion contribution represents the largest share in the syndicate, highlighting its leadership in mobilising capital for Africa’s industrialisation.
The financing will also enhance balance sheet flexibility, strengthen the company’s financial position, and support the refinery as a strategic supplier of refined petroleum products to both Africa and global markets.
Since the refinery commenced operations in February 2024, Afreximbank has supported the project with a $1 billion working capital facility and served as financial adviser on the Naira-for-Crude initiative, which enables crude purchase and refined product sales in local currency.
George Elombi, highlighted the bank’s continued confidence in African-led industrial projects, noting that Afreximbank has invested about $15 billion in the Dangote Group since 2015.
He said, “This transaction makes a powerful statement about Afreximbank’s commitment to backing transformative and indigenous industrial projects that are reshaping Africa’s economic future. The Dangote Refinery stands as a bold symbol of what African ambition, African capital, and African execution can achieve at scale.”
Reacting, Aliko Dangote said the financing positions the refinery for its next growth phase, strengthens its financial foundation, and supports the company’s vision to serve Nigerian, African, and global markets.
The syndicated loan also attracted strong interest from a consortium of African and international financial institutions, reflecting continued investor confidence in the refinery and its transformative role in Africa’s energy and industrial sectors.
The $20 billion Dangote Refinery is positioned to significantly reduce Nigeria’s reliance on imported petroleum products while supporting local currency stability through initiatives such as Naira-for-Crude.
