The African Export-Import Bank has underwritten $2.5 billion of a $4 billion syndicated loan for the Dangote Petroleum Refinery, reinforcing its financial position and supporting long-term expansion. Arranged with Access Bank, the five-year facility will refinance existing debt, optimise capital structure, and align financing with operational needs, marking a significant milestone for Africa’s largest refinery.
With a current capacity of 650,000 barrels per day, the refinery is central to Nigeria’s energy security and industrialisation strategy. Afreximbank highlighted its continued commitment to African-owned enterprises, noting over $15 billion in support to the Dangote Group since 2015. The deal also attracted strong participation from African and international financial institutions, reflecting sustained investor confidence.
The financing comes amid plans to expand capacity to 1.4 million barrels per day and significantly increase polypropylene output. These developments position the refinery as a global-scale asset, aimed at reducing import dependence and strengthening Africa’s role in energy and petrochemical markets.
