Afreximbank commits $2.5bn to Dangote Refinery’s $4bn expansion project

The African Export-Import Bank (Afreximbank) has underwritten $2.5 billion of a $4 billion senior syndicated term loan for the Dangote Petroleum Refinery and Petrochemicals, providing major support for the facility’s long-term expansion and financial stability.

The five-year loan, arranged in partnership with Access Bank as co-Mandated Lead Arrangers, will help consolidate existing debt, optimise the refinery’s capital structure and align its financing model with its current operational realities.

The deal marks another milestone for Africa’s largest refinery and petrochemicals complex, which has a processing capacity of 650,000 barrels per day.

Afreximbank’s $2.5 billion share is the largest in the syndicate, underscoring the bank’s strategic role in mobilising funding for large-scale industrial projects across the continent. The bank noted that the transaction aligns with its broader mandate to drive industrialisation, reduce Africa’s dependence on imported petroleum products and deepen intra-African trade.

Since the refinery began operations in February 2024, Afreximbank has remained a key backer. Its previous interventions include a $1 billion working capital facility and advisory support on the Naira-for-Crude initiative, which enables crude procurement and product sales in local currency.

Speaking at a strategy session in Cairo, Egypt, Afreximbank President and Board Chairman, George Elombi, said the bank’s sustained support reflects its confidence in homegrown 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 build more than jobs and wealth — we build a secure and resilient future for our continent.”

Elombi also revealed that Afreximbank has committed about $15 billion to the Dangote Group since 2015, highlighting the depth of the long-term partnership.

Dangote Industries Limited President and Chief Executive, Aliko Dangote, described the new financing as a crucial step toward enhancing the refinery’s financial strength and preparing it for its next growth phase.

“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 said.

The syndicated loan attracted broad interest from both African and international financial institutions, signalling sustained investor confidence in the refinery as a transformative asset that is central to Africa’s energy security, industrialisation and efforts to reduce petroleum import dependence.