The African Export-Import Bank (Afreximbank) has announced the launch of a $3 billion revolving intra-African Oil Trade Financing Programme. The program aims to facilitate the purchase of refined petroleum products by oil buyers across Africa and the Caribbean.
According to a statement published on the Bank’s website on Monday, the initiative is designed to strengthen intra-African trade, bolster regional refining capacity, and reduce the continent’s dependence on imported refined petroleum products.
“Afreximbank has launched a US$3 Billion Revolving Intra-African Oil Trade Financing Programme to finance the purchase of refined petroleum products by African and Caribbean oil buyers,” the statement read.
The new facility aligns with the objectives of the African Continental Free Trade Area (AfCFTA), and is expected to drive industrialisation, create jobs, and enhance regional value chains. It will also help build economic resilience and ensure greater energy security through strategic investments and innovative financing structures.
Afreximbank highlighted that the programme will feature flexible tenures, competitive pricing, and logistics support tailored to meet the needs of stakeholders across the oil and gas supply chain.
Through its various projects, the Bank is currently helping to create over 1.3 million barrels per day (bpd) of refining capacity, positioning the Gulf of Guinea as a key refining hub in Africa.
“We want to see an increased proportion of the about 4 million bpd of crude oil produced in the Gulf of Guinea refined in Africa,” said Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank.
He added that the programme will have a multiplier effect across the downstream petroleum value chain, spurring investments in shipping, marine logistics, cargo insurance, and other ancillary services.
President Lazarus Chakwera of Malawi lauded the initiative, calling it a bold step towards African energy self-sufficiency.
“This programme is a clear demonstration of Africa’s resolve to take charge of its own energy future. It will reduce import dependency, strengthen regional supply chains, and keep more value within the continent,” he said.
Afreximbank has been at the forefront of Africa’s refining transformation. It is the largest financier of the Dangote Refinery, which commenced operations in January 2024, and is actively supporting other key projects, including:
- The 200,000 bpd Lobito Refinery and 60,000 bpd Cabinda Refinery in Angola
- The refurbishment of Nigeria’s 210,000 bpd Port Harcourt Refinery
- The development of the BUA and Azikel Refineries in Nigeria
- Continued financing for Société Ivoirienne de Raffinage (SIR) in Côte d’Ivoire
By catalysing investment and regional cooperation, Afreximbank’s latest financing programme represents a major step in Africa’s journey toward energy independence and intra-continental economic integration.
