Cairo, Egypt, 31 March 2026 – The African Export-Import Bank (Afreximbank) has announced a significant financial commitment, underwriting a $2.5 billion loan for the expansion of the Dangote Petroleum Refinery and Petrochemicals FZE (DPRP). This loan is part of a $4 billion senior syndicated term loan, a critical financial boost for Africa’s largest refinery and petrochemical complex.
The transaction, co — led by Afreximbank and Access Bank, aims to consolidate DPRP’s existing financing, optimize its capital structure, and align with the refinery’s operational status and long-term growth plan. The loan will enhance the company’s balance sheet flexibility and strengthen its financial position, while also solidifying its role as a strategic supplier of refined petroleum products to both African and global markets.
Since the commencement of refining operations in February 2024, Afreximbank has been instrumental in supporting DPRP, providing a $1 billion working capital facility and acting as Financial Adviser on the Naira-for-Crude initiative. This initiative facilitates local currency transactions for crude oil purchases and refined product sales, thereby reducing reliance on foreign currency.
Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, expressed the Bank’s pride in being the largest financier of the Dangote Group, emphasizing the importance of investing in African enterprises for the continent’s self-sustainability. Aliko Dangote, President/Chief Executive of Dangote Industries Limited, thanked Afreximbank for its continued support and confidence in the Group’s vision to establish world-class industrial capacity.
The syndicated term loan has garnered interest from a diverse group of African and international financial institutions, reflecting a strong vote of confidence in the Dangote Petroleum Refinery as a transformative industrial asset and in Africa’s broader industrialization agenda.
Source: allafrica
