To address Africa’s persistent reliance on imported refined petroleum products, which account fo $30 billion annually in petroleum import costs, African Export-Import Bank (Afreximbank) has launched a $3 billion Revolving Intra-African Oil Trade Financing Programme to finance the purchase of refined petroleum products by African and Caribbean oil buyers.

As a revolving facility, the bank expects it to finance about $10 billion to $14 billion of Intra-African petroleum imports, saying this programme seeks to leverage the growing refining capacity that Afreximbank has helped establish across the continent, while aligning with the objectives of the African Continental Free Trade Area (AfCFTA) agreement.

President and Chairman of the Board of Directors, Afreximbank, Professor Benedict Oramah, explained that by deploying innovative trade finance and supply chain solutions tailored to key stakeholders’ needs in terms of tenure, price format and logistics requirements, this initiative supports Afreximbank’s strategic goals of advancing energy security, strengthening regional value chains, and fostering economic resilience within the continent and the Caribbean.

He said that Afreximbank was the largest financier of the Dangote refinery which commenced operations in January 2024 and is also supporting the financing of the 200,000 bpd Lobito Refinery development, building on the progress made on the 60,000 bpd Cabinda Refinery, which it also supported.

In addition, Oramah added that the Bank has financed the refurbishment of the 210,000 bpd Port Harcourt Refinery, and recently approved financing in support of the development of Bua Refinery and Azikel Refinery, all in Nigeria.