The African Export-Import Bank (Afreximbank) has underwritten $2.5 billion of a $4 billion syndicated term loan for Nigeria’s Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP), in one of the largest single financing commitments to an industrial project in Africa’s history.
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 with its operational status and long-term growth plan. The signing took place during a strategy session between the Afreximbank Board of Directors and the Dangote Group leadership in Cairo, Egypt.
The transaction attracted a consortium of African and international financial institutions, reflecting sustained institutional confidence in the 650,000-barrel-per-day refinery as a transformative industrial asset and in Africa’s broader industrialisation agenda.
The refinery’s growing footprint
The Lekki-based facility reached its full capacity in February 2026 and by September 2025 was meeting 44 percent of Nigeria’s gasoline demand, up from 17 percent a year earlier. The refinery already exports refined petroleum products to Ghana, Cameroon, Togo, Tanzania, and Angola.
The $4 billion syndicated facility consolidates financing lines accumulated during the construction and start-up phases of the $20 billion complex, moving its debt profile from construction-stage structures to one better suited to a fully operational industrial enterprise.
Afreximbank’s long-term commitment
Afreximbank President and Chairman Dr George Elombi said the bank had invested approximately $15 billion in the Dangote Group since 2015, describing it as one of the most significant long-term commitments any pan-African lender had made to a single private sector enterprise on the continent. “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,” he said.
Dr Elombi added that supporting African enterprises was imperative for the continent’s self-sustainability. “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,” he said.
Since refining operations commenced in February 2024, Afreximbank had already supported the refinery with a $1 billion working capital facility and served as financial adviser on the Naira-for-Crude initiative, which facilitates crude oil purchases and refined product sales in local currency, reducing dependence on foreign exchange.
Dangote’s response
Dangote Industries President and Chief Executive Aliko Dangote described the financing as a critical step forward. “This financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery and 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,” he said.
Significance for energy security
The transaction is seen as a significant signal for African-led industrial financing at a time when global energy disruptions have underscored the continent’s vulnerability to imported petroleum products. By backing the largest refinery on the continent with the largest share in a $4 billion syndicate, Afreximbank is reinforcing the case that African capital can anchor the continent’s most strategically important infrastructure projects.
Afreximbank, which holds total assets exceeding $40 billion, has been a key institutional backer of the African Continental Free Trade Agreement (AfCFTA) through initiatives including the Pan-African Payment and Settlement System (PAPSS) and a $10 billion Adjustment Fund.
