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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The Nigerian Supreme Council for Islamic Affairs NSCIA has cautioned against attributing criminal activities to specific religious or ethnic groups, stating that such narratives exacerbate divisions and hinder efforts to combat insecurity. In a Democracy Day message, the NSCIA, through its Public Affairs Officer Abbas Jimoh on behalf of the President-General and Sultan of Sokoto Muhammad Sa’ad Abubakar, emphasized that criminality should not be given ethnic or religious labels. The council expressed concern over persistent threats from banditry, kidnapping, and terrorism, which claim lives and impede national development. It condemned all forms of violence and urged perpetrators to cease their destructive actions. The NSCIA also addressed attempts to associate Nigerian Muslims with violent crimes, calling such profiling false and unfair to the majority of peace-loving Muslims. It cited the recent kidnapping in Orire Local Government Area of Oyo State, noting that subsequent developments disproved initial attempts to link the incident to Islam or Sharia. The council further stated that ethnic profiling was misleading, as suspects were not identified as Fulani, contrary to earlier reports. The NSCIA urged media, opinion leaders, and stakeholders to maintain professionalism and fairness in reporting to avoid inflaming tensions. It called for increased cooperation among government, security agencies, and citizens to address insecurity and congratulated Nigerians on Democracy Day,
Nigeria's Ambassador-Designate to Mexico, Reno Omokri, has criticized Afrobeats star David Adeleke, known as Davido, for his public advocacy regarding the abducted schoolchildren in Oyo State. Omokri argued that global publicity surrounding terrorism cases could hinder rescue efforts. Davido had used his appearance at the FIFA World Cup countdown concert to highlight the plight of pupils and teachers abducted from Ahoro-Esinle and Yawota communities in Oriire Local Government Area, Oyo State, wearing a customized jacket and shirt with victims' names. In a statement via X, Omokri warned that such publicity could empower terrorist groups rather than pressure them, stating, "Publicity Helps Terrorists. It Does Not Pressure Them. They Treasure it!" He referenced former British Prime Minister Margaret Thatcher's view that "Publicity is the oxygen of terrorism" and suggested that global attention can shift pressure from perpetrators to governments. Omokri also claimed that past advocacy efforts, including his own, had unintended consequences, citing how his activities made Leah Sharibu's release less likely by increasing her value as a hostage. He further argued that the global #BringBackOurGirls movement complicated rescue efforts for the Chibok girls by prompting abductors to increase security. Omokri maintained that Nigerian security agencies are actively working on rescue operations for the Oyo schoolchildren, noting past successful recoveries.
Must ReadThe All Progressives Congress APC in Oyo State has expressed concern over Governor Seyi Makinde's statement regarding the loss of over 200 members of the Western Nigeria Security Network, Amotekun Corps, in undisclosed circumstances. The APC, through its Publicity Secretary Olawale Sadare, called on the Governor to provide more details about these deaths and ensure the protection of corps officials and residents. Governor Makinde had mentioned the deaths during a visit to Oriire Local Government Area on May 30, following an incident where two people were killed and over 40 school children and teachers were abducted on May 15. The APC criticized what it described as the Governor's "lack of empathy" and "flippancy" in announcing the deaths. The party also raised questions about the conditions of service within the Amotekun Corps, suggesting a lack of synergy with federal security agencies and improper deployment of corps members to guard private facilities. The APC urged the Governor to involve security experts and improve training and welfare for Amotekun officials.