Oil & Gas

​The African Export Import Bank (Afreximbank) has announced a $3 billion initiative to finance the purchase of refined petroleum products within Africa. This move aims to reduce the continent's reliance on imported fuels and bolster local refining capacities. Africa currently exports 80% of its crude oil and 45% of its natural gas, leading to a heavy dependence on foreign refined products. The $3 billion revolving intra-African oil importing finance program will focus on securing and distributing products like premium motor spirit, diesel, heavy fuel oil, jet fuel, and kerosene across the continent.

Afreximbank has already invested in several major refining projects to address these gaps, including the 650,000 barrels per day Dangote Refinery in Nigeria and the Lobito and Cabinda refineries in Angola. These projects are part of a broader strategy to expand Africa’s refining capacity and reduce the continent’s $30 billion annual petroleum import bill caused by inadequate local production. The bank's larger ambition is to help Africa achieve 3 million barrels per day of refining capacity within the near to medium term. This initiative is seen as a critical step toward achieving energy independence for Africa, strengthening energy security, and fostering economic growth.