By Adewale Sanyaolu
African Export-Import Bank (Afreximbank) has underwritten $2.5 billion of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals.
The five-year facility, arranged with Access Bank as co-Mandated Lead Arrangers, will be used to refinance existing obligations, streamline the refinery’s capital structure and better align its funding profile with its transition into steady-state production.
The transaction, marks a major milestone for the Dangote refinery, Africa’s largest refining and petrochemical complex with a capacity of 650,000 barrels per day.
Afreximbank’s $2.5 billion participation represents the largest share of the syndicate, underscoring its strategic role in mobilising capital for industrial projects across the continent. The bank said the financing aligns with its mandate to promote industrialisation, reduce reliance on imported petroleum products and deepen intra-African trade.
Since refining operations commenced in February 2024, Afreximbank has played a key role in supporting the project, including providing a $1 billion working capital facility and acting as financial adviser on the Naira-for-Crude initiative, which facilitates crude procurement and product sales in local currency.
Speaking during a strategy session in Cairo, Egypt, President and Chairman of the Board of Directors of Afreximbank, George Elombi, said the bank’s continued backing reflects confidence in indigenous African enterprises.
“We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African,” he said.
“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”
Elombi disclosed that Afreximbank has committed about $15 billion to Dangote Group since 2015, highlighting the scale of its long-term partnership with the conglomerate.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the financing as a critical step in positioning the refinery for its next phase of expansion.
“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,” he said.
“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 attracted strong participation from a mix of African and international financial institutions, reflecting sustained investor confidence in the refinery as a transformative industrial asset in advancing Africa’s energy security, reducing import dependence and supporting the continent’s broader industrialisation agenda.
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