A US$3 billion initiative has been launched to reduce the continent’s reliance on petroleum imports.

Africa Business Communities reports that the African Export-Import Bank (Afreximbank), which has invested in the development of refining capacity around the continent, believes its new revolving financing facility will finance about US$10 billion to US$14 billion of intra-African petroleum imports. According to a statement by the bank, the facility aims to finance the purchase of refined petroleum products by African and Caribbean oil buyers.

‘This programme seeks to leverage the growing refining capacity that Afreximbank has helped establish across the continent, while aligning with the objectives of the African Continental Free Trade Area (AfCFTA) agreement, which includes facilitating intra-African trade, promoting industrialisation and creating jobs on the continent,’ says the bank.

The key refined petroleum products to be traded under the initiative include premium motor spirit, automotive gas oil, heavy fuel oil jet fuel and kerosene. The eligible exporters are refineries operating in Africa, reports the Namibian Economist.

The initiative is part of Afreximbank’s plan to develop the Gulf of Guinea from an exporter of crude oil to a refining hub in Africa and globally. In Nigeria, it has helped to finance Nigeria’s Dangote refinery, which started operations in January 2024, and the refurbishment of the 210 000 bpd Port Harcourt refinery. It is also helping to finance the development of Bua and Azikel refineries in Nigeria. Further south, in Angola, following its support for the 60 000 bpd Cabinda refinery, it is helping to finance the 200 000 bpd Lobito refinery.

6 May 2025
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