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

Lagos LIRS Extends 2026 Individual Tax Return Deadline

The Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing individual annual income tax returns to April 14, 2026, giving taxpayers in Lagos State extra time to comply with the 2026 year of assessment. The original filing deadline was March 31, but the extension aims to ensure residents can submit accurate tax returns without errors.

LIRS Executive Chairman, Dr. Ayodele Subair, emphasized that tax compliance is a civic duty, urging residents to submit their returns promptly even with the extended deadline. “The extension is meant to make filing easier and ensure accuracy, but taxpayers should not delay unnecessarily,” he said.

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The authority reiterated that electronic filing via the LIRS eTax portal is now the only approved method, as manual submissions have been fully phased out. The platform is secure, user-friendly, and accessible 24/7, allowing taxpayers to file their returns conveniently from anywhere.

Taxpayers are also advised to enter their Tax Identification Number (TaxID) correctly during submission to avoid processing delays or errors. LIRS further encouraged individuals who require assistance to visit any of its offices or reach out through official communication channels, including their customer care hotline and social media platforms.

This extension follows LIRS’ ongoing efforts to strengthen digital tax compliance and make filing processes more efficient, reflecting broader reforms aimed at improving revenue collection while easing administrative burdens on taxpayers.

Authorities warned that missing the April 14 deadline could attract penalties and interest on late filings, reinforcing the importance of meeting the revised timeline.

Lagos LIRS Extends 2026 Individual Tax Return Deadline

FG Raises Gas Price to $2.18/MMBtu, Signals Fresh Economic Pressure for Nigerians

Nigerians may face renewed economic strain following a fresh increase in domestic gas prices, a move expected to impact electricity tariffs, manufacturing costs, and the overall cost of living.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Tuesday announced that the Domestic Base Price of natural gas has been raised to $2.18 per MMBtu, effective April 1, 2026, up from $2.13/MMBtu in 2025.

Although the increase represents a modest rise of about 2.35 per cent, experts warn that even slight adjustments in gas pricing often trigger wider economic consequences across key sectors.

The regulator said the review aligns with provisions of the Petroleum Industry Act, existing gas pricing frameworks, and prevailing market realities, including rising production costs and the need to sustain investment in the gas sector.

Gas remains the backbone of Nigeria’s power generation, accounting for over 70 per cent of electricity supply. As a result, the price hike is expected to increase the cost of power generation, which may ultimately be passed on to consumers through higher electricity tariffs.

For households already grappling with rising utility bills, the development signals the likelihood of increased financial pressure in the months ahead.

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Beyond the power sector, industries heavily dependent on gas—including manufacturing, cement production, and food processing—are also expected to experience higher operating costs. Analysts say this could lead to further increases in the prices of goods and services, worsening inflationary trends.

In addition, the NMDPRA announced an upward review of gas prices for commercial users, now set at $2.68/MMBtu, up from $2.63/MMBtu in 2025. This adjustment is expected to directly impact businesses, many of which may transfer the added costs to consumers.

According to the regulator, the new pricing structure is necessary to ensure sustainable gas supply, attract investment, and support infrastructure development in Nigeria’s gas value chain.

However, stakeholders have raised concerns about the timing, noting that the increase comes amid persistent inflation, high energy costs, and declining purchasing power.

The Domestic Base Price serves as a benchmark for gas pricing across Nigeria’s domestic market, influencing contracts between gas producers, power generation companies, and industrial users.

The latest adjustment also reflects broader global energy trends, where gas prices have remained volatile due to supply constraints, geopolitical tensions, and fluctuating crude oil prices.

In recent months, Nigeria has implemented a series of economic reforms aimed at stabilising the economy and attracting foreign investment. These include adjustments in fuel pricing, electricity tariffs, and foreign exchange policies.

While the government maintains that such reforms are necessary for long-term economic stability, many Nigerians continue to feel the immediate impact through higher living costs and reduced purchasing power.

For households and small businesses, the gas price hike reinforces concerns that while reforms may yield future benefits, the short-term burden remains significant and widespread.

FG Raises Gas Price to $2.18/MMBtu, Signals Fresh Economic Pressure for Nigerians