The African Export-Import Bank (Afreximbank) has underwritten $2.5 billion in a $4 billion syndicated term loan for the Dangote Petroleum Refinery and Petrochemicals, marking a major boost for Africa’s largest refining project.
The five-year financing deal, arranged alongside Access Bank, is designed to strengthen the refinery’s financial structure and support its long-term growth plans.
A syndicated term loan involves multiple lenders funding a single borrower under one agreement, typically coordinated by lead arrangers.
Afreximbank said the facility will improve DPRP’s balance sheet flexibility, reinforce financial strength, and position the refinery as a key supplier of refined petroleum products across Africa and global markets.
With a capacity of 650,000 barrels per day, the Dangote refinery is the largest in Africa and a cornerstone of efforts to reduce the continent’s reliance on imported fuel.
The bank’s $2.5 billion contribution represents the largest share of the loan, highlighting its leading role in financing Africa’s industrial expansion and energy security.
Since refining operations began in February 2024, Afreximbank has backed the project with a $1 billion working capital facility and advisory support for the naira-for-crude initiative, which allows transactions in local currency.
Speaking during a strategy session in Cairo, George Elombi said the bank has invested about $15 billion in the Dangote Group since 2015.
He stressed that investing in African enterprises is critical to building economic resilience, creating jobs, and strengthening self-sufficiency across the continent.
“This transaction underscores our commitment to transformative African projects that drive industrialisation and energy independence,” Elombi said.
Also commenting, Dangote described the financing as a crucial step in reinforcing the refinery’s financial base and positioning it for its next growth phase.
He added that strong interest from African and international lenders reflects confidence in the refinery as a game-changing industrial asset.
