The African Export-Import Bank has taken the lead role in a $4 billion syndicated financing package for the Dangote Petroleum Refinery, committing $2.5 billion as the largest contributor to the facility, in a move that reinforces confidence in Africa’s biggest refining project.
The five-year senior term loan, arranged alongside Access Bank as co-mandated lead arranger, is designed to refinance existing obligations, strengthen the refinery’s balance sheet, and align its capital structure with current operations and long-term expansion plans.
The financing supports the Dangote Petroleum Refinery and Petrochemicals, a 650,000 barrels-per-day facility widely regarded as a critical asset for Africa’s energy security and industrial development. Market participants note that the deal signals sustained investor confidence in the refinery’s ability to supply refined products across regional and international markets.
Afreximbank’s $2.5 billion underwriting represents the largest share of the syndication and highlights its continued role in mobilising capital for large-scale African industrial projects. The bank stated that the facility would enhance financial flexibility while supporting the refinery’s position as a key supplier within Africa and beyond.
The development builds on Afreximbank’s prior involvement with the refinery, including a $1 billion working capital facility and advisory support for the naira-for-crude framework, which facilitates crude purchases and product sales in local currency.
Speaking on the transaction, George Elombi said the bank’s long-standing financial backing of the Dangote Group reflects a broader strategy of supporting African-led industrialisation. He noted that the institution has deployed about $15 billion into the group since 2015, underscoring its commitment to strengthening indigenous capacity.
Similarly, Aliko Dangote described the financing as a milestone that reinforces the refinery’s financial base and positions it for its next growth phase, particularly as it scales production and expands market reach.
Industry analysts say the successful syndication—supported by both African and international lenders—demonstrates strong market appetite for bankable energy infrastructure projects on the continent, especially those capable of reducing import dependence and boosting intra-African trade.
The refinery, which commenced operations in 2024, is expected to play a central role in reshaping fuel supply dynamics across Africa, while also emerging as a competitive exporter into global markets.