Dangote Refinery Secures $4 Billion Syndicated Loan with $2.5 Billion Backing from Afreximbank

Dangote Refinery Secures $4 Billion Syndicated Loan with $2.5 Billion Backing from Afreximbank

The African Export‑Import Bank (Afreximbank) has underwritten $2.5 billion of a $4 billion senior syndicated term loan for the Dangote Petroleum Refinery and Petrochemicals (DPRP), one of the continent’s most transformative industrial projects.

In a statement confirming the financing, Afreximbank said it and Access Bank Plc have been appointed co‑mandated lead arrangers for the five‑year facility, designed to enhance the refinery’s financial position and support its long‑term growth ambitions.

The syndicated loan — a financing structure involving a group of lenders jointly providing a large credit facility — marks a pivotal milestone for DPRP, which has a processing capacity of 650,000 barrels per day, making it one of the world’s largest single‑train refineries. The facility is expected to improve balance‑sheet flexibility, strengthen financing structures, and support DPRP’s role as a strategic supplier of refined petroleum products across Africa and global markets.

Since its commissioning in February 2024, the refinery has significantly reduced Nigeria’s dependence on imported refined products and opened opportunities for refined fuel exports, bolstering Africa’s energy security. Afreximbank noted that its involvement with the project goes beyond the latest credit facility:

• It provided a $1 billion working capital facility to support refinery operations.
• It acted as financial adviser on the Naira‑for‑Crude Initiative, a programme aimed at enabling crude oil purchases and refined product sales in Naira, thus reducing exposure to foreign exchange volatility.

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In his remarks, Dr. George Elombi, President and Chairman of Afreximbank’s Board of Directors, said the bank takes pride in being the largest financier of the Dangote Group, with cumulative commitments of about $15 billion across its businesses since 2015.

“We do so primarily because Dangote is African,” Elombi said. “When we invest in ourselves, we do more than create jobs, wealth, or expand government revenues; we build a secure and resilient future for our continent.”

He added that Afreximbank remains committed to supporting transformative indigenous industrial projects that strengthen regional value chains and accelerate economic development across Africa.

Elombi described the Dangote Refinery as a “bold symbol of African ambition, African capital, and African execution.” According to him, beyond expanding refining capacity, the project will help reduce dependence on imported fuel, support intra‑African trade, and catalyse industrial growth.

Dangote Industries Limited also expressed appreciation for Afreximbank’s continued confidence and strategic support. The company emphasised that the syndicated loan package, backed by strong participation from a consortium of African and global financial institutions, reflects sustained investor confidence in the refinery’s long‑term viability and in Africa’s broader industrialisation agenda.

Industry analysts say the $4 billion financing will not only strengthen DPRP’s financial foundation but also enhance Nigeria’s role as a regional energy hub, potentially increasing refined product exports to neighbouring countries and beyond. (Sources: Afreximbank statement; Western Post; ProShare; Nigerian Bulletin)

Dangote Refinery Secures $4 Billion Syndicated Loan with $2.5 Billion Backing from Afreximbank