Dangote Refinery secures US$2.5 billion loan

The African Export-Import Bank (Afreximbank) has announced that it has underwritten US$2.5 billion of a US$4 billion senior syndicated term loan for the Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP). 

Afreximbank and Access Bank were appointed as co-mandated lead arrangers for the five-year facility, which is designed to consolidate existing financing, optimise the refinery's capital structure, and align with its current operational status and long-term growth plans.

The transaction represents a major milestone for DPRP, Africa's largest refinery and petrochemical complex, which boasts a capacity of 650,000 barrels per day. The facility will enhance balance sheet flexibility, strengthen the company’s financial position, and support the refinery’s role as a strategic supplier of refined petroleum products to both African and global markets.

Afreximbank’s US$2.5 billion participation is the largest share in the syndicate. 

This underscores the bank’s leadership in mobilising capital to support Africa’s industrialisation, advancing import substitution, promoting intra-African trade, and strengthening regional energy security. Since refining operations began in February 2024, Afreximbank has supported the refinery with a US$1 billion working capital facility. 

The bank also served as the financial adviser for the "Naira-for-Crude" initiative, which facilitates the purchase of crude oil and the sale of refined products in local currency, thereby reducing dependence on foreign exchange.

Commenting during a strategic engagement session between the Board of Directors of Afreximbank and the leadership of the Dangote Group in Cairo, Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, said: "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; we build a secure and resilient future for our continent. This is why we have invested approximately US$15 billion in the Dangote Group since 2015,” he added. 

Dr Elombi emphasised that empowering African enterprises is imperative for the continent’s self-sustainability. He noted that Afreximbank stands ready to support the Dangote Group’s aspirations, as building and supporting indigenous institutions ensures Africa does not have to look elsewhere for "benevolence or salvation" during difficult times.

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, added: “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. We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity.”

The syndicated term loan attracted strong interest from a consortium of African and international financial institutions, reflecting continued confidence in the refinery as a transformative industrial asset.