The African Export-Import Bank (Afreximbank) has disclosed that it is funding three additional refinery projects in Nigeria as part of a broader effort to cut the country’s reliance on imported petroleum products.
The bank’s Senior Executive Vice President, Denys Denya, revealed this during a virtual media briefing where he outlined Afreximbank’s recent performance and strategic priorities.
He explained that expanding refining capacity across Africa is now a key pillar of the bank’s response to repeated global supply disruptions that have made fuel imports more costly and uncertain for many countries on the continent.
According to Denya, Afreximbank’s support is not limited to the Dangote Group refinery project. He said the bank is simultaneously financing three other refining ventures in Nigeria to strengthen domestic production of refined fuels and ease pressure on foreign exchange used for imports.
He noted that recent geopolitical tensions, particularly in the Middle East, have exposed the risks faced by import-dependent African economies. In response, Afreximbank has adopted a two-track approach: providing immediate trade finance support to keep essential imports flowing, while investing in long-term industrial projects that reduce structural dependence on foreign supply chains.
This intervention is supported by a $10bn Gulf Crisis Response Programme established by the bank to ensure continued access to critical imports such as fuel, food, fertilisers and pharmaceuticals. Denya said countries including Kenya, Ethiopia and Tanzania are already drawing on the facility, with demand expected to grow if global tensions persist.
Beyond short-term trade support, Afreximbank is prioritising investments in refining and other value-adding industries across Africa.
Denya said this strategy is aimed at strengthening regional value chains, improving economic resilience and reducing exposure to external shocks.
He added that Afreximbank is also backing similar refinery developments in Angola as part of its continent-wide push for petroleum self-sufficiency.
For Nigeria, Denya explained that increased local refining could help reduce inflationary pressure linked to fuel imports while easing demand for foreign exchange. He also referenced the bank’s involvement in arrangements that allow crude to be supplied to the Dangote refinery under a local currency framework, enabling refined products to be sold in naira.
Addressing concerns about whether these macroeconomic measures translate into everyday benefits, Denya said the bank is expanding financing and capacity-building support for small and medium-sized enterprises.
Supplier financing programmes are also being deployed to help businesses within industrial supply chains receive timely payments and sustain employment.
On the bank’s performance, Denya said Afreximbank’s total assets rose to $48.5bn in 2025, a 21 per cent increase from the previous year, while net income climbed 19 per cent to $1.2bn. He added that 92 per cent of the bank’s earnings came from core operations, reflecting growth in trade and project finance activities across Africa.
Afreximbank also secured a $2bn syndicated facility from 31 global lenders during the year, a move Denya said demonstrated investor confidence in the bank’s mandate and credit strength.
Looking ahead, he disclosed that Afreximbank is preparing a new five-year strategic plan for 2027 to 2031, with a focus on industrialisation, value addition and reducing Africa’s dependence on external financial systems.
