Afreximbank backs $4-billion syndicated loan for Dangote Refinery

CAIRO, April 1, 2026 – African Export-Import Bank (Afreximbank) has underwritten USD 2.5 billion of a USD 4-billion senior syndicated term loan in favour of Nigeria’s Dangote Petroleum Refinery and Petrochemicals (DPRP), the bank announced on Tuesday.

Afreximbank and Access Bank acted as co-mandated lead arrangers for the five-year facility, which drew the participation of African and international financial institutions. It aims to consolidate existing financing and optimise the capital structure of Dangote Refinery, a 650,000-bpd facility in Lekki, Nigeria.

Afreximbank’s USD 2.5-billion contribution is the largest share of the syndicated loan. The bank also extended the Dangote Refinery a USD 1-billion working capital facility when it started operations in February 2024, and has provided advisory support under the Naira-for-Crude initiative to facilitate crude purchases and refined product sales in local currency.

“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,” said George Elombi, president and chairman of the board of directors of Afreximbank.

Afreximbank has invested about USD 15 billion in the Dangote Group since 2015.

“This financing marks an important step in strengthening the financial foundation of DPRP and positions the business for the next phase of its growth,” said Dangote Industries president and CEO Aliko Dangote.

Afreximbank is a pan-African multilateral financial institution that finances and promotes intra- and extra-African business and trade, with total assets and contingencies exceeding USD 40.1 billion as of December 2024. The bank supports industrialisation and trade through financing structures and initiatives such as the African Continental Free Trade Agreement and its associated payment systems.

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