The African Export-Import Bank has underwritten $2.5bn of a $4bn syndicated loan for the Dangote Petroleum Refinery to strengthen its finances and support growth.
The five-year facility, arranged with Access Bank, will help restructure existing debt and improve the refinery’s capital position.
With a capacity of 650,000 barrels per day, the refinery is Africa’s largest and is expected to boost energy security and reduce reliance on fuel imports.
President of Afreximbank, George Elombi, said the investment reflects confidence in African-led industrial projects, while Aliko Dangote noted it will support the refinery’s next growth phase.
The deal also highlights growing investor confidence in the refinery, seen as a key driver of Africa’s industrialisation.
