The African Export-Import Bank (Afreximbank) has underwritten $2.5 billion of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals. The five-year facility, co-arranged with Access Bank, is structured to consolidate existing debt, optimize the refinery’s capital framework, and align financing terms with the facility’s current production metrics following its commercial start in February 2024.
The allocation marks the largest portion of the syndicate and reinforces Afreximbank’s role in financing large-scale African industrial operations. The Dangote complex is Africa’s largest refining and petrochemical facility, with a design capacity of 650,000 barrels per day. Bank officials stated the proceeds will improve liquidity management and reduce refinancing pressure, enabling the complex to focus on sustaining full operational throughput. The arrangement also aligns with Afreximbank’s institutional objectives to advance regional industrialization, minimize reliance on imported petroleum products, and expand intra-African trade flows.
This transaction extends a long-standing financial relationship between the bank and the conglomerate. Since 2015, Afreximbank has committed approximately $15 billion to various Dangote Group initiatives. Prior interventions included a $1 billion working capital facility and advisory support for the Naira-for-Crude scheme, which allows crude procurement and product sales to be settled in local currency rather than foreign exchange. Management indicated that restructuring near-term obligations through this facility will reduce interest rate exposure and free up operational cash flow for routine maintenance. During the signing ceremony in Cairo, Afreximbank President and Chairman Dr. George Elombi noted that continued backing of domestic enterprises strengthens continental supply chains and builds economic resilience.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said the agreement provides the financial stability required to advance into the refinery’s next development phase. The senior syndicated structure delivers extended debt maturity and capital flexibility, positioning the facility to increase output consistency for both domestic distribution and regional export markets.
