African Export-Import Bank (Afreximbank) says it has underwritten $2.5billion out of a $4billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
Afreximbank and Access Bank were appointed co-Mandated Lead Arrangers for the five-year facility to consolidate existing financing, optimise its capital structure and align with the refinery's operational status and long-term growth plan.
In a statement on Tuesday, the Bank stated that the transaction signifies a major milestone for the 650,000 barrels per day capacity refinery, reputed to be Africa's largest refinery and petrochemical complex.
The loan facility, the Bank said, would enhance the refinery's balance sheet flexibility, strengthen its financial position, and support its operations as a strategic supplier of refined petroleum products to Africa and the global market.
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Afreximbank's participation of $2.5 billion is the largest share in the syndicate and underscores the Bank's leadership in mobilising capital to support Africa's industrialisation, advancing import substitution, promoting intra-African trade in refined petroleum products, and strengthening energy security.
Since the commencement of refining operations in February 2024, Afreximbank has supported the refinery with a $1billion working capital facility, apart from acting as Financial Adviser on the Naira-for-Crude initiative by the Nigerian government to facilitate the purchase of crude oil and sale of refined product in local currency, to eliminate the dependence on foreign currency.
Commenting on the development during a strategy engagement session between the Board of Directors of Afreximbank and the leadership of Dangote Group in Cairo, Egypt, the President and Chairman of the Board of Directors of Afreximbank, Dr. George Elombi, said the Bank takes 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. This is why we are pleased to have invested about $15 billion in the Dangote Group since 2015.
Elombi said there was nothing more rewarding than investing in African enterprises, emphasising that empowering them was imperative for the continent's self-sustainability.
"Afreximbank and its Board of Directors stand ready to support the realisation of Dangote Group's aspirations because when we build our institutions and provide the requisite support to grow, we will no longer have to look elsewhere for benevolence or salvation in difficult times," he noted.
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The latest transaction, he pointed out, makes a powerful statement about Afreximbank's commitment to backing transformative and indigenous industrial projects that are reshaping Africa's economic future.
He described the Dangote Refinery stands as a bold symbol of what African ambition, African capital and African execution can achieve at scale,adding that beyond expanding refining capacity, it was strengthening the foundations of Africa's energy security, reducing dependence on imports and opening new frontiers for intra-African trade and industrial development.
"Afreximbank is proud to stand alongside this historic achievement and to continue supporting the continent's journey towards greater self-sufficiency, resilience and prosperity," Elombi said.
On his part, the President/Chief Executive, Dangote Industries Limited, Mr. Aliko Dangote, said the financing marks an important step in strengthening the financial foundation of the Refinery 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.
The syndicated term loan attracted strong interest from a consortium of African and international financial institutions, reflecting continued confidence in the Dangote Petroleum Refinery as a transformative industrial asset and in Africa's broader industrialisation agenda.
Afreximbank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade.
