US EditionAfreximbank Forms $3B Fund for Africa, Caribbean Oil Import Needs
- On May 1, 2025, Afreximbank introduced a US$3 billion renewable financing facility aimed at supporting African and Caribbean purchasers in acquiring refined petroleum products within the continent.
- The programme responds to Africa's US$30 billion annual petroleum import costs caused by insufficient refining capacity and aligns with AfCFTA goals for trade, industrialisation, and job creation.
- Afreximbank supports several refineries including Dangote, Lobito, Cabinda, Port Harcourt, Bua, Azikel, and Société Ivoirienne de Raffinage to leverage over 1.3 million barrels per day refining capacity.
- Professor Benedict Oramah highlighted that the programme is expected to strengthen initiatives aimed at establishing the Gulf of Guinea as a central refining region, while Malawi’s President Lazarus Chakwera praised it as a strong indication of Africa’s determination to manage its own energy future.
- The initiative aims to reduce import dependency, strengthen regional supply chains, and provide more stable, affordable refined petroleum access, thereby supporting energy security and economic resilience in Africa and the Caribbean.
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14 Articles
Afreximbank launches $3bn refining support plan to strengthen intra-African oil trade – Businessamlive
Onome Amuge The African Export-Import Bank (Afreximbank) has unveiled a $3 billion financing initiative aimed at boosting the trade of refined petroleum products within Africa and with the Caribbean. The Revolving Intra-African Oil Trade Financing Programme seeks to reduce the continent’s heavy reliance on costly oil imports from outside Africa, which the lender estimates at up to $30 billion annually due to insufficient domestic refining capaci…
Afreximbank Launches $3B Oil Trade Fund To Cut Africa’s Fuel Import Bill » News.ng
In a bid to tackle Africa’s enduring dependence on imported refined petroleum, which costs the continent an estimated US$30 billion annually due to insufficient local refining capacity, the African Export-Import Bank (Afreximbank) has introduced a US$3 billion Revolving Intra-African Oil Trade Financing Programme. This initiative is designed to support the procurement of refined petroleum products by oil buyers across Africa and the Caribbean. …
Afreximbank rolls out $3bn credit line to cut Africa's fuel imports
Source: Afreximbank.African Export-Import Bank has rolled out a $3bn revolving credit line that will enable African and Caribbean buyers to source petrol, diesel, jet fuel and other products from refineries on the continent more easily. Read more...
Afreximbank launches US$3bn intra-African oil facility
The African Export-Import Bank (Afreximbank) has established a US$3bn trade finance programme in a bid to reduce the continent’s dependence on foreign oil imports. The revolving intra-African oil trade financing programme will support African and Caribbean oil purchasers looking to buy refined petroleum products produced on the continent. These include premium motor spirit, automotive gas oil, heavy fuel oil, jet fuel and kerosene. The bank says…
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