Dangote Refinery Secures $4 Billion Loan

Nigeria's Dangote Petroleum Refinery secured a major financial boost on Wednesday with a $4 billion syndicated term loan, underwritten in part by the African Export-Import Bank, as the facility grapples with crude supply constraints and soaring fuel prices amid global energy disruptions.

The five-year facility, arranged by Afreximbank and Access Bank, consolidates existing debts from the refinery's $20 billion construction and aims to optimize its capital structure for long-term operations. The deal, signed during a strategy session in Cairo, Egypt, between Afreximbank's board and Dangote Group leaders, drew participation from African and international lenders. It underscores confidence in the 650,000-barrel-per-day plant in Lekki, which reached full capacity in February 2026 and now meets 44 percent of Nigeria's gasoline demand, up from 17 percent a year earlier. The refinery also exports products to neighboring countries including Ghana, Cameroon, Togo, Tanzania, and Angola.

Afreximbank President and Chairman George Elombi highlighted the bank's $1.5 billion investment in the Dangote Group since 2015, calling it a pivotal commitment to African industrialization. "When we...