Afreximbank to channel $3 billion towards African refiners

CAPE TOWN, April 8, 2025 – The African Export-Import Bank (Afreximbank) has earmarked USD 3 billion to finance the purchase of refined products across Africa in a move to strengthen the continent’s refining capacity, Reuters reported on Monday.

Africa currently exports around 80% of its crude oil and 45% of its natural gas, leaving the region heavily reliant on imported refined products, according to Afreximbank and independent analysts.

“The time has come for Africa to take control of its energy destiny,” Afreximbank executive vice-president Kanayo Awani was quoted as saying at an energy conference in Cape Town.

The bank’s USD 3-billion revolving intra-African oil importing financing initiative will be used to purchase products such as premium motor spirit, automotive gas oil, heavy fuel oil, jet fuel and kerosene.

Afreximbank has previously financed imports of refined products from outside the continent and is a stakeholder in the 650,000-bpd Dangote refinery in Nigeria, as well as the Lobito and Cabinda refineries in Angola.

“Africa spends an estimated USD 30 billion annually on petroleum imports due to inadequate refining capacity,” Awani said.

In Nigeria, new investments have driven refining capacity up to 1.3 million bpd, establishing the Gulf of Guinea as a central refining hub in Africa.

“Our goal is to support 3 million bpd of refining capacity in the near to medium term,” Awani told Reuters.

Read our latest insights on: