Afreximbank underwrites $2.5bn deal to support Dangote refinery expansion

African Export-Import Bank (Afreximbank) has underwritten $2.5 billion in a $4 billion syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE, marking one of the largest energy-sector financing deals in Africa.

The five-year facility was arranged in partnership with Access Bank as co-mandated lead arranger and is aimed at consolidating existing debt, improving the refinery’s capital structure, and supporting its long-term expansion strategy.

The refinery, Africa’s largest with a capacity of 650,000 barrels per day, is expected to benefit from improved financial flexibility as it scales operations and strengthens its position in global refined petroleum markets.

Afreximbank said its $2.5 billion contribution represents the largest share in the syndicate, underscoring its continued role in financing large-scale industrial and infrastructure projects across the continent.

Financing highlights confidence in africa’s industrial growth strategy

The bank noted that its support reflects a broader commitment to promoting industrialisation, import substitution, and intra-African trade in refined petroleum products.

Since the refinery began operations in February 2024, Afreximbank has also provided a $1 billion working capital facility and acted as financial adviser on initiatives aimed at improving local currency-based crude transactions.

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President and Board Chairman of Afreximbank, Dr. George Elombi, said the institution remains committed to backing African-led enterprises that drive long-term economic transformation and energy security.

He added that investments in major African industrial projects are essential for reducing dependence on external financing and strengthening the continent’s economic resilience.

Aliko Dangote, President of Dangote Industries Limited, said the new financing marks an important step in strengthening the refinery’s financial base and supporting its next phase of growth.

He added that continued partnerships with African financial institutions remain critical to building world-class industrial capacity that serves both regional and global markets.

The deal further reinforces confidence from international and African lenders in the Dangote Refinery as a strategic asset in Africa’s energy and industrial landscape.