Cairo, Egypt – African Export Import Bank has underwritten US$2.5 billion in a US$4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE, strengthening one of Africa’s largest industrial projects.
The financing arrangement was announced in Cairo, Egypt on March 31, 2026. Afreximbank and Access Bank were appointed co mandated lead arrangers for the five year facility, which is designed to consolidate existing financing, optimise the refinery’s capital structure and align funding with its operational status and long term growth strategy.
Dangote Petroleum Refinery and Petrochemicals is Africa’s largest refinery and petrochemical complex, with a production capacity of 650,000 barrels per day. The facility is expected to improve balance sheet flexibility, reinforce the company’s financial position and support its role as a key supplier of refined petroleum products to African and global markets. 
Afreximbank’s US$2.5 billion participation represents the largest share in the syndicate. The Bank says the transaction forms part of its broader agenda to mobilise capital for Africa’s industrialisation, promote trade in refined petroleum products across the continent and strengthen energy security.
Since refining operations began in February 2024, Afreximbank has extended a US$1 billion working capital facility to the refinery. The Bank also acted as financial adviser on the Naira for Crude initiative, which facilitates the purchase of crude oil and the sale of refined products in local currency, reducing reliance on foreign exchange.
Speaking during a strategy engagement session between the Afreximbank Board and the leadership of Dangote Group in Cairo, Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, 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 US$15 billion in the Dangote Group since 2015.
“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.”
President and Chief Executive of Dangote Industries Limited, Mr Aliko Dangote, welcomed the development, saying:
“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. We appreciate Afreximbank’s continued support and confidence in our vision to build world class industrial capacity that serves Nigeria, Africa and global markets.”
