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. The loan will enhance the refinery’s balance sheet flexibility and support its role as a strategic supplier of refined petroleum products to African and global markets.
Afreximbank and Access Bank have been appointed as co-mandated lead arrangers for the five-year facility. The bank stated that the refinery has been a key player in strengthening Africa’s energy security and reducing dependence on imports.
The Dangote Refinery, with a capacity of 650,000 barrels per day, is Africa’s largest refinery and petrochemical complex. Afreximbank has supported the project with a $1 billion working capital facility and served as financial adviser on the Naira-for-Crude initiative.
George Elombi, President and Chairman of the Board of Directors of Afreximbank, said the bank is committed to supporting transformative indigenous industrial projects. “The Dangote Refinery stands as a bold symbol of what African ambition, African capital, and African execution can achieve at scale,” he said.
The syndicated loan attracted strong interest from African and international financial institutions, reflecting confidence in the refinery as a transformative industrial asset.