Afreximbank allocates $3 billion to enhance Africa's oil refining capacity

The African Export–Import Bank (Afreximbank) has pledged $3 billion to finance the trade of refined oil products in Africa, aiming to enhance the continent's refining capacity and reduce reliance on imports. Executive Vice-President Kanayo Awani announced this initiative at an energy conference in Cape Town, emphasizing the need for Africa to control its energy destiny. Currently, Africa exports about 80% of its crude oil and 45% of natural gas, spending approximately $30 billion annually on petroleum imports due to inadequate refining infrastructure. The funding will support a range of products, including premium motor spirit and jet fuel, as part of a revolving intra-African oil importing financing scheme. Afreximbank has previously invested in significant projects like the Dangote refinery in Nigeria, helping to establish the Gulf of Guinea as a key refining hub. Awani expressed ambitions to support 3 million barrels per day of refining capacity in the near to medium term.