Dangote to Alleviate Energy Crisis Thanks to Financial Banking from Afreximbank and Access Bank
On 31 March 2026, the African Export-Import Bank (Afreximbank) announced that it is underwriting the USD 4 billion senior syndicated loan in favor of Dangote Petrochemical Complex. The funds are destined to scale up the capacity of the refinery from 650,000 to 1,400,000 barrels per day by 2028 by adding a new production line. In addition, the Complex will increase its polypropylene production from 900,000 to 2,400,000 tonnes annually.
Afreximbank is the largest contributor to the syndicated loan and is putting on the table USD 2.5 billion out of the total amount of USD 4 billion. The other co-lead arranger is Access Bank. Previously, in February 2024, Afreximbank had already provided a USD one billion loan to be used as Opex.
“Afreximbank and its Board of Directors stand ready to support the realisation of Dangote Group’s aspirations because when we build our institutions and provide the requisite support to grow, we will no longer have to look elsewhere for benevolence or salvation in difficult times. We take immense pride in being the single largest provider of financing to the Dangote Group. We do so primarily because Dangote is African. When we invest in ourselves, we do more than create jobs and wealth or expand government revenues; we build a secure and resilient future for our continent. This is why we are pleased to have invested about US$15 billion in the Dangote Group since 2015.”
Afreximbank Chhair George Elombi
The financing deal occurs in a context of the heightened risk of an energy crisis caused by the closure of the #HormuzStrait. Many African countries and even European countries are contemplating increasing their hydrocarbon sourcing from Africa to diversify away from the volatile Middle East region.
Beyond expanding capacity, this transaction is about strengthening Africa’s #EnergySecurity and boosting intra-African trade and #industrialization. Therefore, Afreximbank is honored and proud to be able to accompany Africa in its journey towards greater self-sufficiency, resilience, and prosperity.
“This financing marks an important step in strengthening the financial foundation of Dangote Petroleum Refinery & Petrochemicals and positions the business for the next phase of its growth. We appreciate Afreximbank’s continued support and confidence in our vision to build world-class industrial capacity that serves Nigeria, Africa and global markets.”
Dangote Group Chair Aliko Dangote
The syndicated loan has attracted keen interest from a consortium of African and international financial institutions, reflecting confidence in #AfricaRising and support for its #modernization move.