Afreximbank Invests $2.5B in Dangote Refinery Expansion

Georg Elombi, the Chairman of the Board of Directors at Afreximbank, stated during a mid-year media roundtable in Abuja that the Dangote Petroleum Refinery has played a crucial role in stabilizing Nigeria's naira and easing foreign exchange pressure. He disclosed that Afreximbank has committed $2.5 billion towards the refinery's expansion, which is part of a larger $4 billion financing request from the company.

The refinery has already demonstrated its strategic value, particularly during recent tensions in the Middle East that disrupted the supply of refined petroleum products across Africa. Elombi emphasized that the refinery not only benefits Nigeria but serves as a model for other African countries.

He also discussed the importance of the Pan-African Payment and Settlement System (PAPSS) in reducing foreign exchange pressure, allowing the Dangote Group to conduct transactions in local currencies. Furthermore, he noted that Afreximbank aims to support energy security across Africa and criticized global credit rating agencies for unfairly penalizing African institutions.