The African Export-Import Bank (Afreximbank) has announced plans to finance three additional refineries in Nigeria, in a move aimed at reducing the country’s reliance on imported petroleum products.
Speaking during a virtual media briefing, the bank’s Senior Executive Vice President, Denys Denya, said the initiative forms part of a broader strategy to strengthen Africa’s refining capacity and shield economies from global supply disruptions.
“We are not only supporting Dangote Group; we’re supporting three other refineries in Nigeria,” Denya said, highlighting the bank’s expanding role in financing energy infrastructure across the continent.
He explained that recent geopolitical tensions, particularly in the Middle East, have exposed the vulnerability of import-dependent economies by increasing the cost and complexity of sourcing refined petroleum products.
To address this, Afreximbank has adopted a dual approach—supporting short-term trade finance needs while investing in long-term industrial capacity. This includes expanding access to credit for financial institutions to facilitate high-value imports, alongside direct investments in refining projects.
The intervention is supported by a $10bn Gulf Crisis Response Programme, designed to stabilise access to critical imports such as fuel, food, fertilisers, and pharmaceuticals. Denya noted that countries including Kenya, Ethiopia, and Tanzania are already benefiting from the facility.
Beyond immediate relief, the bank is prioritising long-term industrialisation by supporting large-scale projects like the Dangote Petroleum Refinery. Denya said such investments are critical to reducing Africa’s dependence on imported refined products and strengthening regional value chains.
He added that similar refining projects are also being financed in Angola, underscoring a continent-wide push toward energy self-sufficiency.
According to Denya, increased local refining capacity is expected to improve macroeconomic stability by reducing foreign exchange pressures associated with fuel imports. He noted that Nigeria, as a crude oil exporter, could benefit from higher global oil prices while moderating domestic inflation through improved refining output.
The Afreximbank executive also highlighted the bank’s role in supporting a local currency framework for crude supply to the Dangote refinery, enabling refined products to be sold in naira and easing pressure on the foreign exchange market.
Responding to concerns about the broader economic impact, Denya said the bank is scaling up support for small and medium-sized enterprises through financing and capacity-building initiatives aimed at job creation and inclusive growth.
On financial performance, Afreximbank reported total assets of $48.5bn in 2025, representing a 21 per cent increase year-on-year, while net income rose by 19 per cent to $1.2bn. The bank also secured a $2bn syndicated facility involving 31 global lenders, reflecting strong investor confidence.
Denya said the institution is preparing a new five-year strategic plan for 2027 to 2031, with a focus on value addition, infrastructure development, and reducing Africa’s dependence on external financial systems.
“There is still a lot to be done, but our focus will remain on value addition because that is what will anchor Africa’s structural transformation,” he said.
