Afreximbank commits $2.5bn of $4bn financing for Dangote Petroleum Refinery: Management

*Aliko Dangote, President and Chief Executive of Dangote Industries, remarks the Afreximbank’s financing has indicated a significant step in strengthening the financial foundation of Dangote Petroleum Refinery and Petrochemicals, and positioned the business for the next phase of its growth

Isola Moses | ConsumerConnect

The Management of the Dangote Petroleum Refinery and Petrochemicals Limited, Lagos, have said African Export-Import Bank (Afreximbank) underwrote $2.5 billion in a $4 billion senior syndicated term loan for the oil-refining facility.

Dangote Refinery disclosed the move was aimed at strengthening its financial position and supporting its long-term growth and expansion strategy in the Nigeria petroleum sector.

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The company, in a statement Tuesday, March 31, 2026, also explained the five-year facility, arranged alongside Access Bank as co-Mandated Lead Arrangers, is designed to consolidate existing debt, optimise the Refinery’s capital structure and align its financing with current operational realities.

It stated the transaction marked a significant milestone for the Dangote Refinery, Africa’s largest refining and petrochemical complex with a capacity of 650,000 barrels per day (bpd).

According to the company, Afreximbank’s $2.5 billion participation represents the largest share of the syndicate, underscoring its strategic role in mobilising capital for industrial projects across the continent.

Afreximbank also said the financing aligned with its mandate to promote industrialisation, reduce reliance on imported petroleum products and deepen intra-African trade.

Since refining operations commenced in February 2024, Afreximbank has played a key role in supporting the project, including providing a $1 billion working capital facility and acting as financial adviser on the Naira-for-Crude initiative, which facilitates crude procurement and product sales in local currency.

Speaking during a strategy session in Cairo, Egypt, George Elombi, President and Chairman of the Board of Directors of Afreximbank, said the bank’s continued backing reflects confidence in indigenous African enterprises.

Elombi stated: “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 or expand government revenues; we build a secure and resilient future for our continent.”

He also disclosed that Afreximbank has committed about $15 billion to Dangote Group since 2015, highlighting the scale of its long-term partnership with the conglomerate.

In his remarks on the transaction, Alhaji Aliko Dangote, President and Chief Executive (CE) of Dangote Industries Limited (DIL), described the financing as a critical step in positioning the Refinery for its next phase of expansion.

Dangote stated: “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 that serves Nigeria, Africa and global markets.”

The syndicated loan attracted strong participation from a mix of African and international financial institutions, reflecting sustained investor confidence in the refinery as a transformative industrial asset in advancing Africa’s energy security, reducing import dependence and supporting the continent’s broader industrialisation agenda.

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