Afreximbank has launched a $3 billion financing program to support African and Caribbean nations in importing refined petroleum products from African refineries. The initiative aims to facilitate $10–14 billion in trade, addressing Africa’s $30 billion annual oil import costs due to limited refining capacity.
Afreximbank aims to boost intra-African trade and job creation through its $3B oil import program, aligned with the African Continental Free Trade Area goals. The bank is supporting over 1.3 million bpd in refining capacity, financing projects in Angola, Côte d’Ivoire, and Nigeria, including the 650,000 bpd Dangote refinery.Afreximbank’s funding program will offer trade finance to oil traders, banks, governments, and state-owned firms importing refined petroleum from African refineries.
President Benedict Oramah said the initiative will boost Africa’s refined product output and drive investment in shipping and logistics across the continent’s petroleum value chain.Afreximbank’s program is expected to boost related sectors like marine cargo insurance and support refining more of the Gulf of Guinea’s 4 million bpd of crude oil within Africa. Malawi’s President Chakwera praised the initiative for reducing import dependency, strengthening regional supply chains, and improving citizens’ access to affordable fuel, calling it a step toward Africa’s energy independence.
