Dangote Refinery strengthens its financial position with major backing from Afreximbank as it advances operations and regional fuel supply.

Nigeria’s Dangote Petroleum Refinery and Petrochemicals has secured $2.5 billion in financing from the African Export-Import Bank (Afreximbank), forming part of a $4 billion syndicated loan to support its operations and expansion.
The five-year facility, arranged by Afreximbank and Access Bank as co-mandated lead arrangers, will refinance existing debt and align funding with the refinery’s operational phase.
“The refinancing strengthens our financial position and supports the next stage of operations,” said Aliko Dangote, Chairman of Dangote Industries.
With a refining capacity of 650,000 barrels per day, the Dangote refinery began operations in February 2024 and is positioned to supply petroleum products to Nigeria and regional markets, reducing reliance on fuel imports.
Afreximbank said its $2.5 billion contribution represents the largest share of the syndicated facility. The bank has also provided a $1 billion working capital facility to the refinery and supported Nigeria’s naira-for-crude programme, which allows transactions in local currency.
“We have continued to support strategic industrial projects that enhance Africa’s energy security,” an Afreximbank official said, noting the bank’s long-term involvement with the Dangote Group.
Since 2015, Afreximbank has committed around $15 billion to the group, underlining sustained investor interest in large-scale energy infrastructure across the continent.
Nigeria, Africa’s largest oil producer, has long depended on imported refined products due to limited domestic refining capacity, placing pressure on foreign exchange reserves. The refinery’s expansion is expected to ease supply constraints and strengthen regional fuel markets.
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