Africa Finance Corporation leads a $2.5 billion private placement for Nigeria's Dangote Refinery to fund its expansion plans.

The $2.5 billion private placement was 3.7 times oversubscribed, drawing strong interest from international and African institutional investors.

This capital raise represents the first time Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has secured equity funding from external investors.

The capital will be used to support DPRP's plans to increase its refinery capacity from 650,000 barrels per day to 1.4 million barrels per day by 2028.

This highly oversubscribed transaction signals deep institutional investor confidence in large-scale African industrial infrastructure and energy sovereignty.

Over the next four years leading to 2028, the planned capacity expansion to 1.4 million barrels per day will fundamentally alter refined product supply chains across West Africa.

For businesses, developers, and regional economies, this shift will likely reduce import dependency and improve fuel supply stability within the region.