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The African Export-Import Bank (Afreximbank) has announced that it has underwritten $2.5 billion in a $4 billion senior syndicated term loan for the Dangote Petroleum Refinery & Petrochemicals.

The financing is aimed at strengthening the refinery’s financial position and supporting its long-term expansion plans.

According to Afreximbank, the five-year facility—arranged alongside Access Bank as co-mandated lead arrangers—is designed to refinance existing debt, optimise the refinery’s capital structure, and align its financing with current operational realities.

The deal represents a major milestone for the refinery, which has a capacity of 650,000 barrels per day, making it Africa’s largest refining and petrochemical complex.

The President and Chairman of Afreximbank, George Elombi, said the bank’s continued support reflects confidence in African-owned enterprises and their role in driving the continent’s economic transformation.

Elombi also revealed that Afreximbank has committed about $15 billion to the Dangote Group since 2015, highlighting the depth of the partnership.

Similarly, the President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the financing as a crucial step in strengthening the refinery’s financial base and positioning it for its next phase of growth.

Afreximbank’s $2.5 billion contribution represents the largest share of the syndicated facility, underscoring its central role in mobilising capital for large-scale industrial projects across Africa.

The syndicated loan attracted participation from a mix of African and international financial institutions, reflecting sustained investor confidence in the refinery as a key asset for Africa’s energy security and industrial development.

The financing comes amid ongoing expansion plans for the refinery and the wider Dangote Group.

These developments highlight the continued push by the Dangote Group to scale up industrial capacity, reduce import dependence, and position Nigeria as a major player in global energy and petrochemical markets.