African Export-Import Bank (Afreximbank) has underwritten $2.5bn of a $4bn senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE, in a move aimed at strengthening the financial position of Africa’s largest refinery.

The bank announced that it partnered with Access Bank as co-Mandated Lead Arrangers for the five-year facility, which is designed to consolidate existing financing, optimise the refinery’s capital structure and support its long-term growth.

The transaction marks a significant boost for the 650,000 barrels-per-day Dangote Refinery, which has emerged as one of Africa’s most strategic industrial assets since it began refining operations in February 2024.

According to Afreximbank, the facility is expected to improve the refinery’s balance sheet flexibility, reinforce its financial stability and enhance its role as a key supplier of refined petroleum products across Africa and beyond.

The bank said its $2.5bn commitment, the largest contribution in the syndicate, highlights its role in mobilising capital for industrial projects on the continent, while also supporting import substitution, intra-African trade and energy security.

Afreximbank disclosed that its support for the refinery extends beyond the new syndicated facility. Since the start of operations, the bank said it has also provided a $1bn working capital facility and served as financial adviser on the Naira-for-Crude initiative, which enables the purchase of crude oil and sale of refined products in local currency.

The initiative is seen as a major step toward reducing dependence on foreign exchange in Nigeria’s downstream oil sector.

Speaking during a strategy engagement session between the boards of Afreximbank and Dangote Group in Cairo, Egypt, Afreximbank President and Chairman of the Board of Directors, Dr George Elombi, said the bank’s continued backing of Dangote Group reflects its commitment to supporting African-owned enterprises.

“We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African,” Elombi said.

He added that investing in African businesses goes beyond job creation and revenue generation, saying it also helps build a more secure and resilient future for the continent.

Elombi revealed that Afreximbank has invested about $15bn in Dangote Group since 2015, describing the support as part of a broader strategy to strengthen indigenous institutions and reduce Africa’s dependence on external assistance.

He said the bank remained committed to helping the group realise its long-term ambitions, stressing that empowering African enterprises is critical to the continent’s self-sufficiency.

Also speaking, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the financing as a major step in reinforcing the refinery’s financial base and preparing it for future expansion.

“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,” Dangote said.

He expressed appreciation to Afreximbank for its continued support and confidence in the group’s ambition to build industrial capacity that serves Nigeria, Africa and global markets.

The syndicated loan also drew strong interest from a consortium of African and international financial institutions, underscoring growing confidence in the Dangote Refinery and Africa’s wider industrialisation drive.