African Export-Import Bank (Afreximbank) announced that it has underwritten U.S.$2.5 billion in the U.S. $4 billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
Dangote refinery
Afreximbank and Access Bank were appointed co-Mandated Lead Arrangers for the five-year facility to consolidate existing financing, optimise its capital structure and align with the refinery’s operational status and long-term growth plan.
The transaction marks a major milestone for DPRP, Africa’s largest refinery and petrochemical complex with a capacity of 650,000 barrels per day. The facility will enhance balance sheet flexibility, strengthen the company’s financial position, and support the refinery as a strategic supplier of refined petroleum products to Africa and the global market.
Nigeria's Dangote refinery, Africa's largest, has increased exports of gasoline and urea to African countries hit by supply disruptions caused by the Iran war, its owner Aliko Dangote said on Monday.
Dangote said the refinery, which is operating at its maximum capacity of 650,000 barrels a day, had helped cushion the full impact of the crisis both in Nigeria and across the continent.
Here are three key facts about the Dangote Refinery:
- World-Class Scale: It is the largest single-train refinery in the world, with a processing capacity of 650,000 barrels per day. Located in the Lekki Free Trade Zone in Nigeria, it is designed to meet 100% of Nigeria's refined product requirements while having a surplus for export.
- Regional Energy Anchor: Amid global supply disruptions (such as the 2026 Middle East crisis), the refinery has become a critical supplier for Africa, recently shipping 17 cargoes of gasoline to countries across West, Central, and East Africa to stabilize regional fuel markets.
- Economic Transformation: The complex includes a massive fertilizer plant capable of producing 3 million metric tons of urea annually. Financial institutions like Afreximbank have recently underwritten billions in syndicated loans to optimize the refinery’s capital structure as it transitions into full operational growth.
"What I can do is assure Nigerians ... and most of West Africa, Central Africa, and East Africa, we have the capacity to supply them," Dangote said during a tour of the refinery on the edge of commercial capital Lagos.
He said the facility had shipped some 17 cargoes of gasoline to other African nations and exports of urea fertiliser had also recently risen, as buyers sought alternative sources of supply.
"In the last couple of days, we've been looking to mostly African countries, which we were not doing before," he said, referring to the fertiliser shipments, without giving figures.
The refinery has capacity to produce up to 3 million metric tons of urea annually, most of which is typically exported to the United States and South America, officials say.
Fuel prices in oil-producing Nigeria have reached record-high levels, industry figures show, as maximum output from Dangote refinery has not offset the impact of high crude prices.
Like this news? Make BIC Magazine a Google preferred news source.
Dangote said the refinery hoped to get more crude cargoes priced in local currency to help curb fuel costs.
Two trade sources and a refinery official told Reuters last week that state oil firm Nigerian National Petroleum Company was allocating seven May cargoes for Dangote refinery, up from five in previous months.
