The African Export-Import Bank (Afreximbank) has underwritten $2.5 billion out of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, reinforcing its financial position and long-term growth prospects.

In a statement released Tuesday, the bank said it acted as a co-Mandated Lead Arranger alongside Access Bank for the five-year facility. The loan is aimed at consolidating existing debt, optimising the refinery’s capital structure, and aligning financing with its current operational realities.

Afreximbank described the deal as a major milestone for the Dangote Refinery, which has a capacity of 650,000 barrels per day and is regarded as Africa’s largest refinery and petrochemical complex. The bank’s $2.5 billion contribution represents the largest share in the syndicate, highlighting its leadership in mobilising capital for Africa’s industrialisation.

The bank noted that the facility would enhance balance sheet flexibility, strengthen the company’s financial position, and support its role as a strategic supplier of refined petroleum products across Africa and global markets. It added that the financing aligns with its mandate to promote import substitution, boost intra-African trade, and strengthen energy security.

Afreximbank President, George Elombi, said the bank’s continued investment reflects confidence in African-led industrial projects, revealing it has invested about $15 billion in the Dangote Group since 2015. He emphasised that supporting indigenous enterprises is key to building a resilient and self-sustaining continent.

Reacting, President and CEO of Dangote Industries Limited, Aliko Dangote, said the facility would position the refinery for its next phase of growth, strengthening its financial foundation and expanding its capacity to serve Nigeria, Africa, and global markets.

The $20 billion Dangote Refinery, which commenced operations in February 2024, is seen as a game-changer for Nigeria’s downstream oil sector, expected to reduce reliance on imported petroleum products and reshape energy supply dynamics across the continent