Afreximbank has underwritten $2.5 billion in a $4 billion loan to support the Dangote Refinery. The funding aims to strengthen the refinery’s finances and support Africa’s energy and industrial growth. The deal reflects strong confidence from African and global financial institutions in the project.
The African Export-Import Bank (Afreximbank) has underwritten US$2.5 billion as part of a US$4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE, marking a significant financing development aimed at strengthening Africa’s largest refinery and supporting long-term industrial growth.
Afreximbank and Access Bank acted as co-Mandated Lead Arrangers for the five-year loan facility, which is designed to consolidate existing debt, improve the company’s capital structure, and align financing with the refinery’s operational status and growth plans. The funding represents a major step in stabilising the financial base of the refinery.
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According to a statement released by Afreximbank, the transaction is expected to enhance the refinery’s balance sheet flexibility and strengthen its financial position. The bank added that the facility would also support the refinery’s role as a major supplier of refined petroleum products across Africa and international markets.
The Dangote Petroleum Refinery, with a capacity of 650,000 barrels per day, is the largest refinery and petrochemical complex on the continent. The financing deal is seen as a milestone in ensuring the refinery continues to operate efficiently while expanding its reach in both regional and global markets.
Afreximbank’s contribution represents the largest single share in the financing syndicate, highlighting its role in mobilising capital for Africa’s industrial development. The bank said the deal supports key priorities such as import substitution, intra-African trade in refined petroleum products, and improved energy security across the continent.
The bank has maintained a long-standing financial relationship with the refinery since it began operations in February 2024. It previously provided a US$1 billion working capital facility and has also acted as Financial Adviser on the Naira-for-Crude initiative, which facilitates crude oil purchases and refined product sales in local currency to reduce reliance on foreign exchange.
Speaking during a strategy meeting in Cairo between Afreximbank’s Board of Directors and the Dangote Group leadership, Afreximbank President and Chairman Dr George Elombi said the bank takes pride in being a leading financier of the Dangote Group. He noted that the bank has invested about US$15 billion in the group since 2015.
“We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African,” said Dr Elombi. “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.”
Dr Elombi added that supporting African enterprises is essential for achieving self-sustainability. He said Afreximbank remains committed to backing the Dangote Group’s long-term goals, stating that strong local institutions reduce dependence on external support during challenging times.
The bank described the transaction as a clear demonstration of its commitment to supporting large-scale, African-led industrial projects. It said the Dangote Refinery stands as a strong example of what can be achieved through African investment, expertise, and execution.
Dangote Industries Limited President and Chief Executive Officer Aliko Dangote welcomed the financing, describing it as a key step in strengthening the refinery’s financial foundation. “This financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery and Petrochemicals and positions the business for the next phase of its growth,” he said.
The syndicated loan attracted strong interest from a group of African and international financial institutions, reflecting confidence in the refinery as a strategic industrial asset. Afreximbank said the level of participation demonstrates continued belief in Africa’s broader industrialisation agenda and the refinery’s role in driving economic growth.
