The African Export-Import Bank has announced that it has underwritten $2.5 billion as part of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE.
Gatekeepers News reports that a syndicated term loan is a large financing arrangement in which a group of lenders jointly provides funding to a single borrower under one agreement, typically coordinated by lead banks.
In a statement issued on Tuesday, Afreximbank said it and Access Bank have been appointed as co-mandated lead arrangers for the five-year facility. According to the bank, the financing will help “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.”
The bank noted that the facility is expected to enhance the refinery’s balance sheet flexibility, strengthen its financial position, and support its role as a strategic supplier of refined petroleum products to markets across Africa and beyond.
Afreximbank said its $2.5 billion contribution represents the largest share in the syndicate, highlighting the bank’s role in supporting Africa’s industrialisation, boosting local production, promoting intra-African refined fuel trade, and improving energy security.
The bank also disclosed that since refining operations began in February 2024, it has provided additional support to the refinery, including a $1 billion working capital facility, and served as financial adviser on the Naira-for-Crude initiative aimed at facilitating crude purchases and the sale of refined products in local currency.
Afreximbank Hails Investment in Dangote Group
Speaking during a strategy engagement session between both organisations in Cairo, George Elombi said the bank takes pride in being the largest single 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 added that supporting African enterprises is critical to 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.”
Dangote Welcomes Financing Deal
Aliko Dangote, president of Dangote Industries Limited, described the financing as a key step in strengthening the refinery’s financial base and positioning it for future 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.”
Earlier, on August 4, 2025, Afreximbank signed a $1.35 billion financing facility agreement with the refinery.
