Dangote Refinery Gets US$2.5 Billion Boost from Afreximbank
The African Export-Import Bank has underwritten US$2.5 billion of a US$4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE, in a move set to strengthen Africa’s largest refining complex and advance the continent’s industrial ambitions.
The five-year facility, arranged alongside Access Bank, is aimed at consolidating existing debt, optimising capital structure and aligning financing with the refinery’s operational maturity and long-term growth strategy.
Located in Lagos, the Dangote refinery boasts a capacity of 650,000 barrels per day, positioning it as a critical player in reducing Africa’s reliance on imported refined petroleum products while enhancing regional energy security.
Speaking during the signing ceremony in Cairo, Afreximbank President George Elombi emphasised the bank’s commitment to supporting African-led industrialisation.
“We take immense pride in being the single largest provider of financing to the Dangote Group,” he said, noting that the bank has invested approximately US$15 billion in the conglomerate since 2015. “When we invest in ourselves, we build a secure and resilient future for our continent.”
The financing builds on Afreximbank’s earlier support, including a US$1 billion working capital facility and its advisory role on the Naira-for-Crude initiative, which facilitates transactions in local currency to reduce dependence on foreign exchange.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the deal as a pivotal step in strengthening the refinery’s financial base.
“This financing positions the business for its next phase of growth and reinforces our vision to build world-class industrial capacity serving Nigeria, Africa and global markets,” he said.
The deal attracted strong participation from a consortium of African and international financial institutions, underlining growing investor confidence in large-scale industrial projects across the continent.
Analysts say the transaction signals a broader shift towards self-sufficiency, as Africa seeks to deepen intra-regional trade under frameworks such as the African Continental Free Trade Area and reduce exposure to global supply shocks.
The Dangote Refinery is widely regarded as a transformative project, expected to reshape Africa’s energy landscape, curb fuel imports and unlock new opportunities for economic growth and industrial development.
