Afreximbank Backs Dangote Refinery with $2.5bn in Landmark Syndicated Loan Deal
The African Export-Import Bank has announced that it underwrote $2.5 billion in a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE, marking a major boost for Africa’s largest refining project.
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The transaction represents a significant milestone for the Dangote Industries Petroleum & Petrochemicals Refinery, a 650,000 barrels-per-day facility regarded as the biggest refinery and petrochemical complex on the continent.
Afreximbank’s $2.5 billion contribution is the largest share in the syndicate, highlighting the bank’s leading role in mobilising capital to support Africa’s industrialisation drive.
The financing is expected to strengthen energy security, enhance refining capacity, and reduce dependence on imported petroleum products across the region. It also aligns with broader efforts to promote intra-African trade and economic growth.
The Dangote refinery project has been widely seen as a transformative development for Nigeria’s oil and gas sector, with the potential to reshape supply dynamics and support downstream industries across Africa.
Afreximbank Backs Dangote Refinery with $2.5bn in Landmark Syndicated Loan Deal