By Ayomide Otitoju
African Export-Import Bank has committed $2.5 billion to a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, reinforcing support for one of Africa’s largest industrial projects.
The bank, alongside Access Bank, acted as co-Mandated Lead Arranger for the five-year facility, which is aimed at refinancing existing debt, optimising the refinery’s capital structure, and supporting its long-term growth strategy.
The transaction represents a significant milestone for the Dangote refinery, which has a production capacity of 650,000 barrels per day. The facility is expected to enhance financial flexibility, strengthen the company’s balance sheet, and support its role as a key supplier of refined petroleum products across Africa and international markets.
Afreximbank’s $2.5 billion contribution—the largest in the syndicate—highlights its role in mobilising capital for Africa’s industrialisation, promoting energy security, and advancing intra-African trade.
Since refining operations began in February 2024, the bank has provided additional support to the refinery, including a $1 billion working capital facility and advisory services on the Naira-for-Crude initiative, which facilitates crude purchases and product sales in local currency.
Speaking during a strategy session in Cairo, George Elombi said the bank remains committed to supporting African enterprises, noting that investments in indigenous companies are critical to building economic resilience and long-term prosperity. He disclosed that Afreximbank has invested approximately $15 billion in the Dangote Group since 2015.
President of Dangote Industries Limited, Aliko Dangote, described the financing as a key step in strengthening the refinery’s financial base and positioning it for its next phase of growth.
The syndicated loan attracted strong participation from African and international financial institutions, reflecting investor confidence in the refinery’s strategic importance and Africa’s broader industrialisation agenda.
