The African Export-Import Bank (Afreximbank) has taken a leading role in a major financing deal for the Dangote Petroleum Refinery and Petrochemicals FZE, underwriting $2.5 billion out of a $4 billion senior syndicated term loan facility.
The bank, alongside Access Bank, served as co-mandated lead arrangers for the five-year financing package.
The facility is designed to restructure existing debt, improve the refinery’s capital framework, and align funding with its current operational phase and long-term expansion strategy.
The deal represents a significant milestone for the refinery, widely regarded as Africa’s largest, with a refining capacity of 650,000 barrels per day.
Analysts say the fresh funding will boost financial flexibility, reinforce the company’s balance sheet, and strengthen its role as a key supplier of refined petroleum products across Africa and beyond.
Afreximbank’s $2.5 billion contribution, the largest in the syndicate, highlights its continued push to support industrial growth on the continent.
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The bank noted that the investment aligns with its broader mandate to promote import substitution, enhance intra-African trade, and improve energy security.
Since the refinery began operations in February 2024, Afreximbank has played a central role in its financing structure.
This includes a previous $1 billion working capital facility and advisory support for the naira-for-crude initiative, which enables transactions in local currency and reduces reliance on foreign exchange.
Speaking during a strategy session in Cairo, Afreximbank President, George Elombi reaffirmed the institution’s commitment to African-led industrialisation.
He noted that the bank has invested approximately $15 billion in the Dangote Group since 2015, stressing that supporting indigenous enterprises is critical to building long-term economic resilience on the continent.
According to him, strengthening African institutions and businesses reduces dependence on external support and positions the continent for sustainable growth.
President of Dangote Industries, Aliko Dangote, described the financing as a crucial step in reinforcing the refinery’s financial base.
He said the deal would support the next phase of growth while advancing the company’s ambition to build world-class industrial capacity serving Nigeria, Africa, and global markets.
The transaction also drew strong participation from a mix of African and international financial institutions, underscoring investor confidence in the refinery as a transformative project and a key pillar in Africa’s industrialisation drive.
Industry observers say the refinery continues to stand as a symbol of large-scale African enterprise, with the potential to reshape energy supply chains, reduce fuel imports, and unlock new opportunities for regional trade.
