African Export-Import Bank (Afreximbank) has taken a $2.5 billion stake in a $4 billion senior syndicated term credit for Dangote Petroleum Refinery and Petrochemicals, reinforcing Africa’s largest refining complex and its long-term growth ambitions.
The five-year facility, arranged alongside Access Bank as co-mandated lead arrangers, is designed to consolidate existing debt, optimise capital structure, and align financing with current operational realities, according to a statement from Afreximbank. The Dangote Refinery, with a refining and petrochemical capacity of 650,000 barrels per day, represents a cornerstone of Africa’s industrialisation strategy.
Afreximbank’s participation (the largest share of the syndicate), underscores its strategic role in mobilising capital for industrial projects across the continent. The bank noted that the financing aligns with its mandate to promote industrialisation, reduce reliance on imported petroleum products, and deepen intra-African trade.
Since the refinery commenced operations in February 2024, Afreximbank has actively supported the project, including providing $1 billion in working capital and acting as financial adviser on the naira-for-crude initiative, which enables crude procurement and product sales in local currency.
Speaking at a strategy session in Cairo, Egypt, George Elombi, Afreximbank president and board chairman, said the bank’s continued backing showcases 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. 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,” he said.
Elombi disclosed that Afreximbank has committed around $15 billion to the Dangote Group since 2015, highlighting the scale and longevity of its partnership with Africa’s industrial giant.
Aliko Dangote, president and chief executive of Dangote Industries Limited, described the financing as pivotal for positioning the refinery for its next phase of expansion.
“This financing marks an important step in strengthening the financial foundation of Dangote Petroleum 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,” Dangote said.
Analysts note that the deal not only consolidates the refinery’s debt profile but also signals increasing investor confidence in Africa’s industrial and energy sectors, providing a template for large-scale project financing across the continent.
