The African Export-Import Bank (Afreximbank) committed $2.5 billion of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE, taking the largest share in a financing aimed at consolidating existing debt and restructuring the refinery’s capital base.
Afreximbank and Access Bank were appointed co-mandated lead arrangers for the five-year facility, designed to align financing with the refinery’s operational status and long-term growth plan, the bank said in a statement issued March 31 in Cairo, Egypt.
The deal builds on a longstanding relationship, with Afreximbank committing approximately $15 billion to the Dangote Group since 2015.
The bank also provided a $1 billion working capital facility following the launch of refining operations in February 2024 and served as financial adviser on a naira-for-crude initiative enabling transactions in local currency.
Dangote Petroleum Refinery, located in Lagos, Nigeria, has a processing capacity of 650,000 barrels per day, making it the largest refinery and petrochemical complex on the African continent.
“We take immense pride in being the single largest provider of financing to the Dangote Group,” George Elombi, president and chairman of the board of directors of Afreximbank, said. “We do so primarily because Dangote is African.”
Aliko Dangote, president and chief executive of Dangote Industries Limited, said the financing strengthens the refinery’s financial foundation and supports its next phase of 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,” he added.
