The African Export-Import Bank (Afreximbank) says the Dangote Petroleum Refinery has played a significant role in easing pressure on Nigeria’s foreign exchange market and supporting the stability of the naira by reducing the country’s dependence on imported petroleum products.

Speaking at a mid-year media roundtable in Abuja, Afreximbank President and Chairman of the Board of Directors, George Elombi, said the refinery had also strengthened Africa’s energy security by helping the continent avoid shortages of refined petroleum products during recent tensions in the Middle East.

Elombi disclosed that Afreximbank has approved $2.5 billion to support the refinery’s expansion, representing part of the $4 billion financing requested by the company. He described the refinery as a strategic investment with benefits extending beyond Nigeria and said it should serve as a model for industrial development across Africa.

He added that the bank is financing refinery and petroleum storage projects in Ethiopia, Kenya, Tanzania, Uganda, Angola, Chad, the Republic of Congo and Namibia to improve energy security and reduce dependence on imported fuel.

Elombi also highlighted the Pan-African Payment and Settlement System (PAPSS), saying it enables businesses to carry out cross-border transactions in local currencies, reducing demand for foreign exchange. According to him, the platform currently connects more than 190 commercial banks and fintech firms across 28 African countries and plans to introduce a payment card for transactions across participating countries.

He reaffirmed Afreximbank’s commitment to supporting value addition, infrastructure and industrial development across Africa while calling for greater local processing of the continent’s natural resources to boost economic growth.