Afreximbank Secures $2.5bn for Dangote Refinery Loan

Afreximbank announced its participation of $2.5 billion in a $4 billion syndicated loan for Dangote Petroleum Refinery, aimed at strengthening Africa's largest refinery and petrochemical complex. The deal, which is the largest syndicated loan to date, is designed to consolidate existing financing and optimize the refinery's capital structure.

The refinery, which began operations in February 2024, has a capacity of 650,000 barrels per day and is expected to enhance financial flexibility and support the supply of refined petroleum products across Africa. Afreximbank's commitment aligns with its broader mandate to support import substitution and expand intra-African trade.

Dr. Georg Elombi, Chairman of the Board of Directors at Afreximbank, emphasized the bank's long-term commitment to the Dangote Group, having invested $15 billion since 2015. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, expressed confidence in the refinery's vision and its role in building a resilient future for Africa.