In Cairo, Egypt, on March 31, 2026, Afreximbank is leading a USD 4 billion syndicated loan to support the Dangote Refinery, the largest oil complex in Africa. With its USD 2.5 billion contribution, the bank strengthens the refinery’s financial flexibility, enabling it to produce 650,000 barrels per day, and helps secure the continent’s energy supply.
On March 31, 2026, in Cairo, Egypt, Afreximbank, the African Export-Import Bank, announced its major participation in a USD 4 billion syndicated loan for Dangote Petroleum Refinery and Petrochemicals FZE, the largest oil and petrochemical complex in Africa. In this consortium, Afreximbank subscribed to USD 2.5 billion, the largest share, alongside Access Bank, the co–lead arranger.
We are extremely proud to be the Dangote Group’s lead financier. We do this primarily because Dangote is an African company. When we invest in ourselves, we do more than create jobs and wealth or increase public revenues; we are building a safe and resilient future for our continent. That is why we are pleased to have invested around USD 15 billion in the Dangote Group since 2015.
George Elombi, Afreximbank President
This five-year facility aims to consolidate existing financing, optimize the refinery’s capital structure, and support its long-term growth plan. Since beginning refining operations in February 2024, Dangote Petroleum Refinery has been producing 650,000 barrels per day but needed financial support to enhance its flexibility and economic resilience.
We will be able to supply about 15 to 20 million litres, more than the consumption of Nigeria. So we still have to export. So with that, that is fine.
Alhaji Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited
This transaction demonstrates the confidence of African and international financial institutions in the Dangote Group and its transformative role in the continent’s industrialization. With Afreximbank leading this consortium of banks, the Dangote Refinery is positioned as a key player in energy security, import substitution, and intra-African trade in refined petroleum products.
