By Boluwatife Oshadiya | April 1, 2026
Key Points
- Afreximbank underwrites $2.5bn in $4bn Dangote Refinery syndicated loan
- Facility aims to refinance debt and optimise capital structure
- Deal reinforces investor confidence in Africa’s largest refinery
Main Story
Dangote Petroleum Refinery has secured a $4 billion senior syndicated term loan, led by African Export-Import Bank (Afreximbank), in a move to restructure existing debt and strengthen its long-term financial position.
Afreximbank contributed $2.5 billion — the largest share of the facility — while Access Bank acted as co-Mandated Lead Arranger. The five-year financing package is designed to consolidate liabilities, improve liquidity, and align the refinery’s capital structure with its operational scale.
The development marks a major financial milestone for the 650,000 barrels-per-day Dangote Refinery, Africa’s largest refining complex, which began operations in February 2024. Since then, the facility has been positioned as a critical asset in reducing Nigeria’s reliance on imported petroleum products.
Afreximbank said the transaction aligns with its continental mandate to support industrialisation, deepen intra-African trade, and strengthen energy security. The bank has played a key role in the refinery’s financing journey, including a $1 billion working capital facility and advisory support on Nigeria’s naira-for-crude initiative.
What’s Being Said
“We take immense pride in being the single largest provider of financing to the Dangote Group… when we invest in ourselves, we build a secure and resilient future for our continent,” said George Elombi, President and Chairman, Afreximbank.
“This financing strengthens the refinery’s financial foundation and positions it for the next phase of growth,” said Aliko Dangote, President and CEO, Dangote Industries Limited.
What’s Next
- The refinery is expected to expand distribution capacity across West Africa in 2026
- Further debt restructuring or capital market activity could follow as operations scale
- Regional fuel pricing dynamics may shift as local refining output stabilises
The Bottom Line:
The deal signals strong institutional confidence in Dangote Refinery as a strategic industrial asset, with implications for Nigeria’s energy independence and Africa’s broader push toward localised production.
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