Nigeria, April 1 -- The African Export-Import Bank (Afreximbank) has underwritten $2.5 billion in a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).

In a statement issued on Tuesday, the bank said the move is aimed at strengthening the refinery's financial position and long-term growth.

"Afreximbank is pleased to announce that it has underwritten US$2.5 billion in the US$4-billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP)," the statement said.

Afreximbank and Access Bank served as co-Mandated Lead Arrangers for the five-year facility, which is designed to consolidate existing debt, optimise the refinery's capital structure, and a...