The African Export-Import Bank (Afreximbank) has underwritten $2.5 billion of a $4 billion senior syndicated term loan for the Dangote Petroleum Refinery & Petrochemicals, reinforcing its role in financing large-scale industrial projects across Africa.
The five-year facility, arranged with Access Bank as co-mandated lead arranger, will refinance existing debt, optimise the refinery’s capital structure, and align financing with its current operational needs.
With a refining capacity of 650,000 barrels per day, the Dangote facility remains Africa’s largest refining and petrochemical complex. The new financing is expected to strengthen its balance sheet while supporting ongoing expansion plans.
President and Chairman of Afreximbank, George Elombi, said the bank’s continued backing reflects confidence in African enterprises and their capacity to drive economic transformation.
“We take immense pride in being the single largest provider of financing to the Dangote Group… When we invest in ourselves, we build a secure and resilient future for our continent,” he said.
Elombi disclosed that Afreximbank has committed about $15 billion to the Dangote Group since 2015, underscoring the depth of the partnership.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the deal as a critical step in strengthening the refinery’s financial base and positioning it for its next growth phase.
Afreximbank’s $2.5 billion contribution represents the largest share of the syndicated facility, highlighting its central role in mobilising capital for industrialisation, reducing dependence on imported petroleum products, and boosting intra-African trade.
Since refining operations commenced in February 2024, Afreximbank has also provided a $1 billion working capital facility and served as financial adviser on the Naira-for-Crude initiative to support local currency transactions in the sector.
The loan attracted participation from African and international financial institutions, reflecting strong investor confidence in the refinery as a strategic asset for energy security.
The financing comes amid expansion efforts by the Dangote Group. In February, the group signed a $400 million agreement with XCMG Construction Machinery Co., Ltd. to support scale-up plans.
The refinery is expected to expand capacity from 650,000 to 1.4 million barrels per day, potentially making it the world’s largest refinery. Polypropylene output is also projected to increase from 900,000 to 2.4 million metric tonnes annually.
The developments underscore Dangote Group’s broader push to deepen industrial capacity, cut import dependence, and position Nigeria as a key player in global energy and petrochemical markets.
