Afreximbank underwrites $2.5 billion of $4 billion syndicated loan for Dangote Refinery, one of Africa’s largest industrial financing deals.
The African Export-Import Bank and Access Bank Plc led the five-year facility to refinance debt and support the 650,000 barrels-per-day refinery’s operational phase. The complex aims to cut Nigeria’s heavy fuel import reliance and boost domestic supply.
Afreximbank President George Elombi called it the bank’s largest commitment to Dangote Group, where it has invested $15 billion since 2015 to drive African industrialisation. Aliko Dangote said the deal strengthens the refinery’s financial position for future growth.
The transaction drew strong participation from African and international lenders, reflecting confidence in the refinery as a game-changer for the continent’s energy security despite Nigeria’s chronic refining capacity shortages.
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