The African Export-Import Bank (Afreximbank) has announced its commitment of $2.5 billion towards a $4 billion senior syndicated term loan for the Dangote Petroleum Refinery & Petrochemicals. This significant financing package is designed to bolster the refinery’s financial standing and pave the way for its future expansion initiatives.

The five-year facility, co-mandated by Access Bank, is structured to address the refinery’s existing debt, optimize its capital structure, and ensure its financing aligns with its current operational needs. This move is a crucial step for the 650,000 barrels per day refinery, which stands as Africa’s largest refining and petrochemical complex.

Afreximbank President and Chairman, George Elombi, highlighted the bank's ongoing support as a testament to its confidence in African-owned businesses and their pivotal role in driving continental economic progress. He stated, “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.”

Elombi further revealed that Afreximbank has committed approximately $15 billion to the Dangote Group since 2015, underscoring the long-standing and deep nature of their partnership.

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, described the financing as a vital step in fortifying the refinery’s financial base. He noted, “This financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positions the business for the next phase of its growth… to build world-class industrial capacity that serves Nigeria, Africa and global markets.”

Afreximbank’s substantial $2.5 billion contribution underscores its leading role in mobilising capital for large-scale industrial projects across the African continent.