Afreximbank Funds Three Refineries to Curb Imports

Afreximbank, represented by Senior Executive Vice President Mr. Deni Denya, is financing three additional refineries in Nigeria as part of efforts to reduce the country's reliance on imported petroleum products. This initiative is a component of a broader strategy aimed at boosting local refining capacity and mitigating Africa's vulnerability to external supply shocks.

Denya highlighted that the financing for these refineries is crucial in light of recent global supply chain disruptions, particularly due to tensions in the Middle East that have raised fuel import costs. Afreximbank's dual approach includes immediate trade financing and long-term investments to reduce structural import dependence.

The bank has already seen uptake from countries like Kenya, Ethiopia, and Tanzania. Denya noted that the financing of these refinery projects aligns with Afreximbank's long-term strategy to support industrialization and export development across Africa, including similar projects in Angola.

The initiative is expected to improve macroeconomic stability and reduce foreign exchange pressures associated with fuel imports.