Afreximbank has underwritten $2.5bn in a $4bn syndicated term loan in support of Dangote Petroleum Refinery and Petrochemicals FZE’s (DPRP) integrated refinery and petrochemical complex in Nigeria.
The loan facility aims to consolidate existing financing, optimise Dangote refinery’s capital structure, and align with its operational status and projected expansion.
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Afreximbank and Access Bank have been appointed as co-mandated lead arrangers for the five-year loan.
Dangote Petroleum Refinery and Petrochemicals, which operates Africa’s largest refinery and petrochemical complex with a processing capacity of 650,000 barrels per day, will use the funds to strengthen its financial position.
The transaction is intended to support the company as a supplier of refined petroleum products both within Africa and internationally.
Dangote Industries president and CEO Aliko Dangote said: “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.”
Afreximbank’s participation in the syndicate represents the largest single share among all parties involved.
Since February 2024, when refining operations commenced, Afreximbank has also provided a $1bn working capital facility to the refinery and acted as financial adviser on the Naira-for-Crude initiative.
This initiative facilitates crude oil purchases and sales of refined products in local currency, reducing reliance on foreign exchange.
The loan attracted interest from a range of African and international financial institutions. Afreximbank stated that its involvement reflects its ongoing commitment to mobilising capital for African industrial projects, import substitution efforts, intra-African trade in refined products, and energy security across the continent.
Afreximbank president and board of directors’ chairman Dr George Elombi said: “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. This is why we are pleased to have invested about $15bn in the Dangote Group since 2015.”
In April 2025, Afreximbank earmarked $3bn to finance the purchase of refined products within Africa. The initiative was intended to strengthen the continent’s refining capacity and decrease its reliance on imported refined products.
