Afreximbank Secures $4bn Financing for Dangote Refinery

Africa, Business

LAGOS, NIGERIA, 01 April 2026 (NPA) — The African Export-Import Bank (Afreximbank) has underwritten US$2.5 billion of a US$4 billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).

Afreximbank and Access Bank acted as co-Mandated Lead Arrangers for the five-year facility, designed to consolidate existing financing, optimise capital structure, and align with the refinery’s operational status and long-term growth plan.

The transaction represents a major milestone for DPRP, Africa’s largest refinery and petrochemical complex, with a capacity of 650,000 barrels per day. The facility will enhance balance sheet flexibility, strengthen financial resilience, and support the refinery’s role as a strategic supplier of refined petroleum products to Africa and global markets.

Afreximbank’s US$2.5 billion share is the largest in the syndicate, underscoring its leadership in mobilising capital to drive Africa’s industrialisation, promote intra-African trade, and bolster energy security. Since refining operations began in February 2024, the Bank has provided a US$1 billion working capital facility and acted as Financial Adviser on the Naira-for-Crude initiative, which enables crude purchases and refined product sales in local currency.

Speaking in Cairo, Afreximbank President Dr George Elombi said: “We take immense pride in being the single largest provider of financing to the Dangote Group. When we invest in ourselves, we build a secure and resilient future for our continent.” He noted that Afreximbank has invested about US$15 billion in the Dangote Group since 2015.

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, described the financing as “an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positioning the business for the next phase of growth.”

The syndicated loan attracted strong interest from African and international financial institutions, reflecting confidence in the refinery as a transformative industrial asset and in Africa’s broader industrialisation agenda.