African Export-Import Bank (Afreximbank) yesterday announce that it has underwritten $2.5 billion in the $4-billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).

Afreximbank and Access Bank were appointed co-Mandated Lead Arrangers for the five-year facility to consolidate existing financing, optimise its capital structure and align with the refinery’s operational status and long-term growth plan.

The transaction marks a major milestone for DPRP, Africa’s largest refinery and petrochemical complex with a capacity of 650,000 barrels per day.

The facility will enhance balance sheet flexibility, strengthen the company’s financial position, and support the refinery as a strategic supplier of refined petroleum products to Africa and the global market.

Afreximbank’s participation of $2.5 billion is the largest share in the syndicate and underscored the bank’s leadership in mobilising capital to support Africa’s industrialisation, advancing import substitution, promoting intra-African trade in refined petroleum products, and strengthening energy security.

Since the commencement of refining operations in February 2024, Afreximbank has supported the refinery with a $1billion working capital facility, as well as acting as financial adviser on the Naira-for-Crude initiative which is facilitating the purchase of crude oil and sale of refined product in local currency eliminating the dependence on foreign currency.

Commenting on the development during a strategy engagement session between the directors of Afreximbank and the leadership of Dangote Group in Cairo, Egypt, President and Chairman of the Board of Directors of Afreximbank, 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 $15 billion in the Dangote Group since 2015.”

Elombi also stated that there was nothing more rewarding than investing in African enterprises, emphasising that empowering them was imperative for the continent’s self-sustainability.

He reaffirmed the bank’s readiness to support the ambitions of Dangote Group, underscoring the importance of strengthening African institutions to drive sustainable growth and reduce reliance on external support during crises.

Elombi noted that the partnership reflects a broader strategy to empower homegrown enterprises capable of transforming the continent’s economic landscape. According to him, building resilient African institutions remains critical to achieving long-term independence and stability.

He described the financing transaction as a strong signal of Afreximbank’s commitment to supporting large-scale, indigenous industrial projects that are redefining Africa’s future.
He noted that the Dangote Petroleum Refinery & Petrochemicals is a landmark achievement, showcasing the scale of what can be accomplished through African ambition, capital, and execution.

Beyond boosting refining capacity, he said the refinery is pivotal to enhancing energy security, cutting dependence on imports, and unlocking new opportunities for intra-African trade and industrialisation.

Elombi further assured that Afreximbank remains committed to supporting initiatives that advance the continent’s self-sufficiency, resilience, and economic prosperity.

In his remarks, President and Chief Executive of Dangote Industries Limited, Aliko Dangote described the financing as a crucial step in reinforcing the refinery’s financial base and positioning it for its next growth phase.

He also expressed appreciation for Afreximbank’s continued confidence in the group’s vision to develop world-class industrial capacity that serves Nigeria, Africa, and global markets.