The African Export-Import Bank (Afreximbank) has underwritten $2.5 billion out of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals.
In a statement issued on Tuesday, the African lender said the move was aimed at strengthening the refinery’s financial position and long-term growth.
“Afreximbank is pleased to announce that it has underwritten $2.5 billion in the $4-billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP),” the statement said.
Afreximbank and Access Bank served as co-Mandated Lead Arrangers for the five-year facility, which is designed to consolidate existing debt, optimise the refinery’s capital structure, and align financing with its operational phase.
The transaction marks a significant milestone for the Dangote Refinery, Africa’s largest refinery and petrochemical complex, with a capacity of 650,000 barrels per day.
The facility is expected to improve balance sheet flexibility and reinforce the refinery’s role as a key supplier of refined petroleum products across Africa and global markets.
Afreximbank’s $2.5 billion contribution represents the largest share of the syndicate, the statement noted, underscoring its role in mobilising capital for Africa’s industrialisation, promoting intra-African trade, and supporting energy security.
Since the refinery began operations in February 2024, the bank said it has provided additional support, including a $1 billion working capital facility and advisory services on the Naira-for-Crude initiative, which enables crude purchases and product sales in local currency.
Speaking during a strategy session in Cairo, Egypt, Afreximbank President, Mr George Elombi, reaffirmed the bank’s commitment to African enterprises.
He said the bank takes immense pride in being the single largest provider of financing to the Dangote Group and that it does so primarily because Dangote is African.
“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. This is why we are pleased to have invested about $15 billion in the Dangote Group since 2015,” he said.
He explained that “Afreximbank and its Board of Directors stand ready to support the realisation 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.”
In his remarks, the chief executive of Dangote Industries Limited, Mr Aliko Dangote, said the deal strengthens the refinery’s financial base.
“This financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positions the business for the next phase of its growth,” Mr Dangote was quoted as saying.
He appreciated Afreximbank’s continued support and confidence in his vision to build world-class industrial capacity that serves Nigeria, Africa and global markets.