By 
Strengthening Africa’s Largest Refining Asset
The African Export-Import Bank (Afreximbank) has underwritten US$2.5 billion of a US$4 billion senior syndicated term loan for the Dangote Petroleum Refinery and Petrochemicals, reinforcing the refinery’s financial position and supporting its long-term growth and expansion strategy.
The five-year facility, arranged with Access Bank as co-Mandated Lead Arrangers, is structured to consolidate existing debt, optimise the refinery’s capital structure, and align financing with current operational realities.
A Major Milestone for Africa’s Energy Infrastructure
The transaction represents a significant milestone for the Dangote Refinery, Africa’s largest refining and petrochemical complex with a capacity of 650,000 barrels per day.
Afreximbank’s US$2.5 billion participation is the largest single share in the syndicate, underscoring the bank’s strategic role in mobilising capital for transformative industrial projects across Africa.
According to Afreximbank, the financing aligns with its core mandate to promote industrialisation, reduce dependence on imported petroleum products, and deepen intra-African trade.
Sustained Support Since Refining Operations Began
Since refining operations commenced in February 2024, Afreximbank has remained a key financial partner to the project. Its support has included a US$1 billion working capital facility and advisory services on the Naira-for-Crude initiative, which enables crude procurement and refined product sales in local currency—helping to stabilise supply and strengthen domestic value chains.
Afreximbank Reaffirms Confidence in African Enterprises
Speaking during a strategy session in Cairo, the President and Chairman of the Board of Directors of Afreximbank, George Elombi, said the bank’s continued backing reflects deep confidence in indigenous African enterprises.
“We take immense pride in being the single largest provider of financing to the Dangote Group,” Elombi said.
He disclosed that Afreximbank has committed approximately US$15 billion to the Dangote Group since 2015, highlighting the scale and depth of the long-term partnership.
“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,” Elombi added.
Positioning the Refinery for Its Next Growth Phase
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the financing as a critical step in strengthening the refinery’s balance sheet and enabling future 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,” Dangote said.
He added:
“We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa, and global markets.”
Strong Investor Confidence in Africa’s Industrial Future
The syndicated loan attracted robust participation from a mix of African and international financial institutions, reflecting sustained investor confidence in the Dangote Refinery as a transformative industrial asset.
The project is widely viewed as central to advancing Africa’s energy security, reducing import dependence, and supporting the continent’s broader industrialisation agenda.
