The African Export-Import Bank (Afreximbank) has committed $2.5 billion of a $4 billion syndicated loan to support the Dangote Petroleum Refinery and Petrochemicals as it moves into full commercial operations. The funding will help refinance existing debt and strengthen the refinery’s financial base.

Located in Nigeria’s Lekki Free Zone, the Dangote refinery is Africa’s largest, with a processing capacity of 650,000 barrels per day. Built at an estimated cost of $20 billion, the project aims to reduce reliance on imported fuel and position Nigeria as a net exporter of refined petroleum products.

The five-year financing facility, arranged with Access Bank as co-lead arranger, has drawn participation from both African and international lenders. Analysts say this reflects strong investor confidence and could support more stable fuel supplies across West Africa while promoting regional trade.

Since February 2024, when the refinery began processing crude, Afreximbank has also provided a $1 billion working-capital facility and advised on Nigeria’s naira-for-crude policy, which allows transactions in local currency and helps ease pressure on foreign-exchange reserves.

Afreximbank President George Elombi described the refinery as a strategic project for Africa, highlighting the bank’s long-standing investment in the Dangote Group. Aliko Dangote, President of Dangote Industries Limited, said the refinancing will support the refinery’s next growth phase and strengthen its financial foundation.

The refinery has already begun reshaping fuel trade in West Africa by supplying petrol, diesel, and aviation fuel to countries previously dependent on imports from Europe and the Middle East. Analysts believe expanded regional refining capacity could help stabilize fuel prices and reduce exposure to currency shocks.
Afreximbank, headquartered in Cairo, continues to play a key role in financing major infrastructure projects across Africa and supporting initiatives under the African Continental Free Trade Area.