The bank, alongside Access Bank, acted as co-Mandated Lead Arrangers for the five-year facility, which is aimed at consolidating existing debt, optimising the refinery’s capital structure, and aligning its financing with operational performance and long-term expansion plans.
The deal marks a significant milestone for the refinery—owned by Dangote Group—which is regarded as Africa’s largest petroleum refining and petrochemical complex, with a capacity of 650,000 barrels per day. The new financing is expected to improve balance sheet flexibility, strengthen liquidity, and position the facility as a key supplier of refined petroleum products within Africa and beyond.
Afreximbank’s $2.5 billion contribution represents the largest share of the syndicate, underscoring its strategic focus on supporting industrialisation, reducing reliance on imported refined products, promoting intra-African trade, and enhancing energy security across the continent.
Since refining operations began in February 2024, the bank has maintained strong backing for the project, including a $1 billion working capital facility. It also served as financial adviser on the Naira-for-Crude initiative, designed to enable the purchase of crude oil and sale of refined products in local currency, thereby reducing dependence on foreign exchange.
Speaking during a strategy session in Cairo between Afreximbank’s board and Dangote Group leadership, the bank’s President and Chairman, George Elombi, emphasised the importance of investing in African enterprises.
Elombi noted that Afreximbank has committed about $15 billion to the Dangote Group since 2015, highlighting the bank’s confidence in indigenous businesses as drivers of economic resilience, job creation, and long-term prosperity.
He said supporting African-led industrial ventures was critical to reducing dependence on external assistance and building sustainable economic systems across the continent.
In response, Aliko Dangote, President and Chief Executive of Dangote Industries Limited, described the financing as a crucial step in strengthening the refinery’s financial base and advancing its next growth phase.
He expressed appreciation for Afreximbank’s continued support, noting that the partnership reflects confidence in the group’s vision to deliver world-class industrial infrastructure serving Nigeria, Africa, and global markets.
The syndicated loan also drew strong participation from a mix of African and international financial institutions, signalling sustained investor confidence in the refinery as a transformative asset and in Africa’s broader push toward industrialisation and economic self-reliance.