Afreximbank finances three more Nigerian refineries to reduce petroleum product imports
via Punch Nigeria4 min read
Mr. Denys Denya, Senior Executive Vice President of African Export-Import Bank, announced that the bank is financing three additional refineries in Nigeria. This initiative is part of a broader strategy to increase local refining capacity and decrease Africa's reliance on imported petroleum products, thereby reducing vulnerability to external supply shocks. The bank's support extends beyond the Dangote refinery to other projects in Nigeria and Angola. This push into refining is driven by recent global supply chain disruptions, particularly those linked to Middle East tensions, which have increased the cost and complexity of fuel imports for African economies. Afreximbank is employing a dual approach: supporting immediate trade finance needs and investing in long-term productive capacity to lessen structural import dependence. The bank's intervention is supported by a $10 billion Gulf Crisis Response Programme, which aims to stabilize access to essential imports like fuel, food, fertilizers, and pharmaceuticals. This facility is already being utilized by countries such as Kenya, Ethiopia, and Tanzania. The shift towards local refining is also expected to improve macroeconomic stability by reducing foreign exchange pressures associated with fuel imports. In Nigeria, this could help moderate domestic inflation over time. Afreximbank also supports a local currency framework for crude supply to the Dangote refinery, allowing refined products to be sold in naira to ease pressure on
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