BTNKECHI NAECHE-ESEZOBOR—The African Export-Import Bank plans to fund three new refineries in Nigeria to cut fuel imports and boost local production capacity.
Senior executive Denys Denya shared the update during a virtual briefing on the bank’s 2025 results and long-term strategy, noting support goes beyond the Dangote Refinery to other projects.
He said global supply disruptions, especially tensions in the Middle East, have made fuel imports more expensive and complicated for African countries.
The bank is using a dual approach—providing immediate trade financing while investing in long-term production to reduce reliance on imports.
This effort is backed by a $10 billion Gulf Crisis Response Programme to secure access to essentials like fuel, food, fertiliser, and medicine.
Afreximbank is also supporting refinery projects in Angola as part of a wider push for energy self-sufficiency across the continent.
In Nigeria, refining reforms and local currency initiatives could stabilise fuel prices and reduce pressure on foreign exchange by lowering demand for dollars.
The bank is also expanding support for SMEs and reported strong financial growth in 2025, while preparing a new five-year plan focused on industrial development and value creation.
