On Monday, March 30, 2026, an official signing ceremony was held at the headquarters of the African Export-Import Bank (Afreximbank) in Cairo, marking a major milestone in the financing of the Dangote Petroleum Refinery and Petrochemicals FZE project. The African financial institution confirmed that it would underwrite $2.5 billion as part of a $4 billion syndicated term loan facility, alongside Access Bank, as co-mandated lead arranger.

The ceremony brought together Afreximbank President Dr. George Elombi and Mr. Aliko Dangote, President and CEO of Dangote Industries Limited. According to official statements, this five-year financing aims to consolidate existing funding, optimize the refinery’s capital structure, and support its long-term growth.

The Dangote project, located in Nigeria, is one of Africa’s largest refineries with a capacity of 650,000 barrels per day. It is expected to strengthen local refining capacity, reduce dependence on imported petroleum products, and enhance regional energy security.

The transaction is considered one of the largest African-led deals in the energy sector, highlighting Afreximbank’s role in mobilizing capital for high-impact industrial projects across the continent.

Officials emphasized the importance of such African-led financing in supporting large-scale projects that contribute to regional economic development, while noting that the transaction is structured in accordance with international standards of transparency and governance.

This announcement comes amid strong energy demand in Africa, where the development of local infrastructure is essential to support economic growth and industrialization.