Afreximbank Grants $2.5 Billion Loan to Dangote Refinery

Afreximbank has announced the underwriting of a $2.5 billion loan for Dangote Petroleum Refinery, part of a larger $4 billion senior syndicated term loan. This financial support aims to strengthen the refinery's financial position and facilitate its long-term growth.

The loan, arranged alongside Access Bank, is structured as a five-year facility intended to consolidate existing debt and optimize the refinery's capital structure in alignment with its operational realities. The Dangote Refinery, which has a refining capacity of 650,000 barrels per day, is recognized as Africa's largest petrochemical complex.

Afreximbank's contribution represents the largest share of the syndicate, highlighting its leadership role in mobilizing capital for Africa's industrialization. The financing aligns with Afreximbank's broader mandate to promote import substitution, enhance intra-African trade, and strengthen energy security across the continent.

The refinery is set to commence operations in February 2024, with Afreximbank also supporting a $1 billion working capital facility to facilitate crude oil purchases.