The Dangote Petroleum Refinery has secured a $4 billion senior syndicated loan, with African Export-Import Bank underwriting $2.5 billion, marking a major financing milestone for Africa’s largest refinery project.
A syndicated loan involves multiple lenders pooling resources to fund large-scale projects. In this deal, Afreximbank and Access Bank are acting as co-mandated lead arrangers for the five-year facility.
Afreximbank described the transaction as a significant step forward for the refinery, which has a processing capacity of 650,000 barrels per day. The funding is expected to enhance the refinery’s financial flexibility, strengthen its balance sheet, and reinforce its role as a key supplier of refined petroleum products across Africa and global markets.
The bank also highlighted its ongoing support for the project, including a $1 billion working capital facility provided after operations began in February 2024, as well as its advisory role in the Naira-for-Crude initiative—designed to reduce reliance on foreign exchange by enabling transactions in local currency.
Commenting on the development, George Elombi, President and Chairman of the Board of Directors of Afreximbank, emphasized the bank’s long-term commitment to indigenous industrial growth. He noted that over $15 billion has been invested in the Dangote Group since 2015.
Elombi described the refinery as a symbol of Africa’s industrial ambition, adding that such projects enhance energy security, reduce import dependence, and promote intra-African trade.
The refinery, in turn, expressed appreciation for the continued support, reaffirming its goal of building world-class industrial capacity to serve Nigeria, the continent, and international markets.
The deal also attracted strong participation from a mix of African and global financial institutions, underscoring investor confidence in the refinery as a transformative asset and in Africa’s broader industrialisation drive.
