African Export Import Bank, Afreximbank has taken the lead in a $4 billion syndicated term loan facility for Dangote Petroleum Refinery and Petrochemicals, underwriting $2.5 billion to support the refinery’s financial stability and long-term expansion.
The five-year facility, arranged with Access Bank as co-mandated lead arranger, is expected to consolidate existing debt, optimise the refinery’s capital structure and align its financing with current operational demands.
The deal marks a major milestone for the Dangote Refinery, Africa’s largest refining and petrochemical complex with a production capacity of 650,000 barrels per day.
Afreximbank says the financing underscores its commitment to driving industrialisation across the continent, reducing reliance on imported petroleum products and strengthening intra-African trade.
Since operations began in February 2024, the bank has supported the project with a $1 billion working capital facility and advisory services on the Naira-for-Crude initiative.
Speaking in Cairo, President and Chairman of Afreximbank, Dr. George Elombi, said the bank’s continued investment reflects strong confidence in African-led enterprises, noting that about $15 billion has been committed to the Dangote Group since 2015.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the facility as a crucial step in reinforcing the refinery’s financial base and positioning it for its next growth phase, with the transaction attracting strong participation from both African and international financial institutions.
(Editor: Terverr Tyav)
