The African Export-Import Bank (Afreximbank) says it has underwritten $2.5 billion in a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals (DPRP) FZE.
A syndicated term loan is a large-scale financing arrangement where a group of lenders (the syndicate) jointly provides funds to a single borrower under one loan agreement, organised by a lead bank.
In a statement on Tuesday, the bank said Afreximbank and Access Bank have been designated as co-mandated lead arrangers for the five-year facility.
According to the statement, they will “optimise its capital structure and align with the refinery’s operational status and long-term growth plan”.
“African Export-Import Bank (Afreximbank) is pleased to announce that it has underwritten US$2.5 billion in the US$4-billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP),” the statement reads.
“The transaction marks a major milestone for DPRP, Africa’s largest refinery and petrochemical complex with a capacity of 650,000 barrels per day.”
According to the bank, the facility will improve balance sheet flexibility, reinforce the company’s financial strength, and support the refinery in its role as a strategic supplier of refined petroleum products to Africa and global markets.
Afreximbank said its participation of $2.5 billion is the largest share in the syndicate, underscoring its leadership in funding Africa’s industrialisation, boosting local production, promoting intra-African refined fuel trade, and enhancing energy security.
“Since the commencement of refining operations in February 2024, Afreximbank has supported the refinery with a US$ 1 billion working capital facility, as well as acting as Financial Adviser on the Naira-for-Crude initiative which is facilitating the purchase of crude oil and sale of refined product in local currency eliminating the dependence on foreign currency,” Afreximbank said.
‘AFREXIMBANK, LARGEST FINANCIER OF DANGOTE REFINERY’
Commenting on the development during a strategy engagement session between the leadership of both organisations in Cairo, Egypt, George Elombi, president and chairman of the board of directors of Afreximbank, 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,” Elombi said.
“This is why we are pleased to have invested about US$15 billion in the Dangote Group since 2015.”
He said there was nothing more rewarding than investing in African enterprises, adding 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,” Elombi said.
“This transaction makes a powerful statement about Afreximbank’s commitment to backing transformative and indigenous industrial projects that are reshaping Africa’s economic future.
“The Dangote Refinery stands as a bold symbol of what African ambition, African capital and African execution can achieve at scale. Beyond expanding refining capacity, it is strengthening the foundations of Africa’s energy security, reducing dependence on imports and opening new frontiers for intra-African trade and industrial development.”
He added that Afreximbank was proud to support the milestone and Africa’s path to greater self-sufficiency, resilience, and prosperity.
Aliko Dangote, president of the Dangote Industries Limited, 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,” he 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.”
On August 4, 2025, the Afreximbank signed a $1.35 billion financing facility with Dangote refinery.
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