Dangote Petroleum Refinery and Petrochemicals FZE has secured a $4 billion senior syndicated term loan, with the African Export-Import Bank (Afreximbank) underwriting $2.5 billion of the total facility.
This loan facility is meant to strengthen the refinery’s financial position and support its long-term expansion.
Afreximbank and Access Bank acted as co-mandated lead arrangers for the five-year facility, which will be used to consolidate existing debt and optimize the refinery’s capital structure as it scales operations.
The Intra-African Bank contributing the larger share of the loan underscores its role in mobilizing capital for large-scale industrial projects on the continent and aligns with its strategy to promote import substitution, intra-African trade, and energy security.
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Since refining operations began in February 2024, Afreximbank has supported the project, including a $1 billion working capital facility.
It also acted as a financial adviser on the Naira-for-Crude initiative, which enables the purchase of crude oil and sale of refined products in local currency.
Speaking during a strategy session in Cairo, Afreximbank President George Elombi said the bank’s continued backing of the Dangote Group reflects a broader commitment to African-led industrialization.
Elombi added that supporting African enterprises is critical to long-term economic independence.
“Afreximbank and its Board of Directors stand ready to support the realization of Dangote Group’s aspirations because when we build our institutions and provide the requisite support to grow, we will no longer have to look elsewhere for benevolence or salvation in difficult times,” he said.
Dangote Industries President Aliko Dangote said the cash injection will set the refinery on the path for its next phase of growth.
“This financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery and positions the business for the next phase of its growth,” he said.
The Dangote refinery, with a capacity of 650,000 barrels per day, is the largest in Africa. Strong participation from local and international lenders highlights the refinery’s continued appeal to investors.
