The African Export-Import Bank (Afreximbank) has launched a $3 billion Revolving Intra-African Oil Trade Financing Programme.
The facility aims to finance the purchase of refined petroleum products by African and Caribbean oil buyers, according to a press release on the bank’s website on Monday,
The statement read, in part, “African Export-Import Bank (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.”
According to the Bank, the programme will support the continent’s expanding refining capacity, much of which has been developed with Afreximbank’s financing. It aligns with the objectives of the African Continental Free Trade Area (AfCFTA), promoting intra-African trade, advancing industrialisation, and creating jobs.
Afreximbank emphasized that by deploying innovative trade finance and supply chain solutions tailored to key stakeholders’ needs, including flexible tenure, competitive pricing structures, and logistics support, the initiative will enhance energy security, strengthen regional value chains, and build economic resilience across Africa and the Caribbean.
According to the bank, through its several investments, Afreximbank is helping to create over 1.3 million barrels per day (bpd) of refining capacity, positioning the Gulf of Guinea as a future refining hub, reducing Africa’s reliance on foreign refined petroleum imports, and promoting intra-continental trade.
Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said that the programme “would galvanise efforts towards making the Gulf of Guinea a key refining hub. Whilst the programme will have a direct impact on the volume of the refined petroleum products produced and consumed in Africa, it will also have a multiplier effect on the downstream petroleum value chain as it will catalyse critical investments in shipping and marine logistics for intra and extra African trade of crude oil and refined products. The multiplier effect will also be seen in marine cargo insurance and other ancillary businesses within the sector. We want to see an increased proportion of the about 4 mbpd of crude oil produced in the Gulf of Guinea refined in Africa.”
Also commenting on the initiative, His Excellency Dr. Lazarus Chakwera, President of the Republic of Malawi, said: “This programme is a clear demonstration of Africa’s resolve to take charge of its own energy future. We commend Afreximbank for this timely intervention, which stands to benefit African countries like Malawi by reducing import dependency, strengthening regional supply chains, and keeping more value within the continent. Most importantly, it will deliver real impact to our citizens by ensuring more stable and affordable access to refined petroleum products, which are essential to Malawians’ daily life and economic productivity.”
Afreximbank has played a pivotal role in strengthening Africa’s refining sector.
It is the largest financier of the Dangote Refinery, which began operations in January 2024, and is also supporting the development of the 200,000 bpd Lobito Refinery, building on progress made with the 60,000 bpd Cabinda Refinery in Angola.
In Nigeria, Afreximbank has provided financing for the refurbishment of the 210,000 bpd Port Harcourt Refinery, and has recently approved financing for the development of the BUA Refinery and Azikel Refinery. Additionally, the Bank continues to finance Société Ivoirienne de Raffinage (SIR) in Côte d’Ivoire.
