Afreximbank Underwrites $2.5bn for Dangote Refinery in $4bn Deal to Boost Africa’s Energy Security and Industrial Growth
The African Export-Import Bank has underwritten US$2.5 billion of a US$4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, a move expected to reinforce Africa’s largest refining complex and accelerate the continent’s industrial development agenda.
The five-year financing facility, arranged in partnership with Access Bank, is designed to consolidate existing debt, optimise the refinery’s capital structure, and align long-term financing with the project’s operational maturity and expansion strategy.
Located in Lagos, the Dangote refinery has a processing capacity of 650,000 barrels per day, positioning it as a strategic asset in reducing Africa’s dependence on imported refined petroleum products while strengthening regional energy security.
Speaking at the signing ceremony in Cairo, Afreximbank President George Elombi reaffirmed the bank’s commitment to supporting African-led industrialisation.
“We take immense pride in being the single largest provider of financing to the Dangote Group,” he said, noting that the bank has invested approximately US$15 billion in the conglomerate since 2015.
“When we invest in ourselves, we build a secure and resilient future for our continent.”
The new financing builds on Afreximbank’s previous support to the project, including a US$1 billion working capital facility and its advisory role in the Naira-for-Crude initiative, which promotes transactions in local currency to reduce reliance on foreign exchange.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the agreement as a pivotal step in strengthening the refinery’s financial foundation.
“This financing positions the business for its next phase of growth and reinforces our vision to build world-class industrial capacity serving Nigeria, Africa and global markets,” he said.
The transaction attracted strong participation from a consortium of African and international financial institutions, highlighting rising investor confidence in large-scale industrial and infrastructure projects across the continent.
Industry analysts note that the deal reflects a broader shift toward economic self-sufficiency, as African nations seek to deepen intra-regional trade under frameworks such as the African Continental Free Trade Area and reduce vulnerability to global supply chain disruptions.
The Dangote Refinery is widely regarded as a transformative project expected to reshape Africa’s energy landscape by reducing fuel imports, stabilising supply, and unlocking new opportunities for economic growth and industrial development across the region.
