Afreximbank to Support Dangote in $5 Billion Refinery Expansion

Afreximbank commits to supporting Aliko Dangote in raising $5 billion for the expansion of his refinery, which is already the world's largest. The bank's new President, George Elombi, unveiled this plan during his inauguration speech in Cairo.

The refinery's capacity is set to double, potentially cutting fuel prices by 50% in West Africa, stabilizing the region's fuel supply and boosting economic growth. The project, with a capacity of 650,000 barrels per day, symbolizes Africa's industrial self-reliance.

Elombi aims to grow Afreximbank's balance sheet to $250 billion within ten years, building on the legacy of his predecessor, Benedict Oramah.