The African Export-Import Bank (Afreximbank) has announced its underwriting of US$2.5 billion as part of a US$4 billion senior syndicated term loan facility for Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
Afreximbank and Access Bank were appointed as co-Mandated Lead Arrangers for the five-year facility, which aims to consolidate existing financing, optimise the refinery’s capital structure, and align it with its current operational status and long-term growth strategy.
The Dangote Petroleum Refinery, Africa’s largest with a capacity of 650,000 barrels per day, stands to benefit significantly from the new facility. It will enhance the company’s balance sheet flexibility, strengthen its financial position, and support its role as a key supplier of refined petroleum products to both African and global markets.
Afreximbank’s US$2.5 billion participation represents the largest share in the syndicate, highlighting the Bank’s leadership in mobilising capital for Africa’s industrialisation, advancing import substitution, promoting intra-African trade in refined products, and bolstering continental energy security.
Since the refinery began operations in February 2024, Afreximbank has provided ongoing support, including a US$1 billion working capital facility and acting as Financial Adviser on the Naira-for-Crude initiative. This initiative enables the purchase of crude oil and sale of refined products in local currency, reducing reliance on foreign exchange.
The announcement was made during a strategy engagement session in Cairo between the Afreximbank Board of Directors and Dangote Group leadership.
Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, expressed strong pride in the partnership, stating:
“We take immense pride in being the single largest provider of financing to the Dangote Group. We do 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 US$15 billion in the Dangote Group since 2015.”
Dr. Elombi emphasised that investing in African enterprises is key to the continent’s self-sustainability. He added that Afreximbank and its Board stand ready to support Dangote Group’s aspirations, noting that building strong local institutions reduces dependence on external support during challenging times.
Mr. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, welcomed the development, saying:
“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. We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa and global markets.”
The syndicated loan drew strong interest from a broad consortium of African and international financial institutions, reflecting high confidence in the Dangote Refinery as a transformative project and in Africa’s wider industrialisation drive.
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