In a move that reinforces Africa's capacity to finance its own industrial transformation, the African Export-Import Bank (Afreximbank) has underwritten US$2.5 billion of a US$4‑billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
The signing ceremony, held in Cairo and attended by Afreximbank President and Chairman of the Board, Dr. George Elombi and Aliko Dangote, President/Chief Executive of Dangote Industries Limited marks one of the continent's most significant financing transactions in recent years.
The five-year facility, jointly arranged by Afreximbank and Access Bank (as co-Mandated Lead Arrangers) aims to consolidate existing financing, optimise DPRP's capital structure, and align the refinery's balance sheet with its operational maturity and long-term growth trajectory. For Africa's largest refinery and petrochemical complex, with a capacity of 650,000 barrels per day, the transaction represents a strategic strengthening of its financial foundation at a pivotal moment in its scale-up.
Afreximbank's US$2.5‑billion participation is not only the largest share of the syndicate but also a clear demonstration of the Bank's leadership in mobilising capital for transformative African industrial assets. The investment advances several of Afreximbank's core mandates: import substitution, intra-African trade expansion, and the enhancement of the continent's energy security.
Since the refinery commenced operations in February 2024, Afreximbank has played a central role in supporting its ramp-up. This includes a US$1‑billion working capital facility and advisory support for the Naira‑for‑Crude initiative, which enables crude purchases and refined product sales in local currency thus reducing dependence on foreign exchange and strengthening domestic value capture.
Speaking during a strategy engagement session between the Board of Directors of Afreximbank and the leadership of Dangote Group in Cairo, Egypt Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, underscored the Bank's long-standing commitment to the Dangote Group. "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 US$15 billion in the Dangote Group since 2015."
Continuing, he emphasised that empowering African enterprises is central to the continent's economic sovereignty. "Afreximbank and its Board of Directors stand ready to support the realisation of Dangote Group's aspirations because when we build our institutions and provide the requisite support to grow, we will no longer have to look elsewhere for benevolence or salvation in difficult times."
For Dangote Industries, the financing signals continuing confidence in the refinery's long-term prospects. "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," said Aliko Dangote. "We appreciate Afreximbank's continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa and global markets."
The syndicated loan attracted strong interest from African and international financial institutions, reflecting the refinery's status as a transformative industrial asset and a cornerstone of Africa's broader industrialisation agenda.
Beyond its operational scale, the Dangote Refinery stands as a symbol of what is possible when African ambition, African capital and African execution align behind a shared vision of self-sufficiency, resilience, and economic renewal.