The Africa Finance Corporation (AFC) has led a group of strategic investors in the recently completed $2.5 billion private placement by Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
In a statement issued on Thursday, AFC said the latest investment reflects its model of providing early-stage risk capital and recycling funding into the next generation of transformative projects once assets reach stable and cash-generative operations.
DPRP owns the approximately $20 billion integrated refining and petrochemical complex located on a 2,500-hectare site in Lagos.
The refinery has a nameplate capacity of 650,000 barrels of crude oil per day and processes crude petroleum into petrol, diesel, aviation fuel, liquefied petroleum gas, naphtha and other refined products for Nigerian, African and international markets.
The adjoining petrochemical plant converts refinery-derived propylene into polypropylene, a key raw material used in packaging, textiles, household goods, automotive components, medical products and other manufactured goods.
