Afreximbank Finances Three New Refineries in Nigeria

Afreximbank, represented by Senior Executive Vice President Deni Denya, is financing three new refineries in Nigeria as part of efforts to reduce the country's reliance on imported petroleum products. This initiative aims to boost local refining capacity and mitigate Africa's vulnerability to external supply shocks.

Denya highlighted that the financing is a response to recent global supply chain disruptions, particularly due to tensions in the Middle East, which have raised fuel import costs. Afreximbank's strategy includes immediate trade financing and long-term investments to reduce structural dependence on imports.

The bank has also initiated a $10 billion Gulf Crisis Response Program to stabilize access to essential imports like fuel and food. Denya noted that the financing of these refineries aligns with the bank's long-term strategy to support industrial projects across Africa, including similar initiatives in Angola.

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