Dangote Petroleum Refinery and Petrochemicals has secured a 4 billion dollar senior syndicated term loan, with the African Export-Import Bank, Afreximbank, underwriting 2.5 billion dollars of the facility.
Afreximbank said Access Bank and the Cairo-based lender have been appointed co-mandated lead arrangers for the five-year financing package, which is expected to support the refinery’s capital structure and align funding with its current operations and long-term growth plans.
The bank described the deal as a significant milestone for the refinery, which it said is Africa’s largest refinery and petrochemical complex, with a processing capacity of 650,000 barrels per day.
According to Afreximbank, the facility is expected to improve the refinery’s balance sheet flexibility, strengthen its financial position, and support its role in supplying refined petroleum products to African and international markets.
The lender said its 2.5 billion dollar commitment is the largest share in the syndicate, reflecting its continued support for industrial development, local refining, and energy security across the continent.
Afreximbank also said it had earlier supported the refinery with a 1 billion dollar working capital facility after refining operations began in February 2024. It added that it had acted as financial adviser on the naira-for-crude initiative, which supports the purchase of crude oil and sale of refined products in local currency.
Speaking on the latest financing, Afreximbank President George Elombi said the bank remains committed to backing major African-owned industrial projects and described the refinery as an important asset for the continent’s drive for self-sufficiency and stronger intra-African trade.
He also said the bank has invested about 15 billion dollars in the Dangote Group since 2015.
President of Dangote Industries Limited, Aliko Dangote, said the new financing would strengthen the refinery’s financial foundation and support the next phase of growth.
He said the strong interest shown by African and international financial institutions in the syndicated loan reflected confidence in the refinery and in Africa’s broader industrialisation agenda.
