An executive of the African Export-Import Bank (Afreximbank), Denys Denya, has revealed that the bank is financing three additional refinery projects in Nigeria as part of efforts to reduce the country’s dependence on imported petroleum products.
Speaking at a virtual media briefing on Monday, Denya said the initiative is part of a wider strategy to strengthen local refining capacity and reduce Africa’s exposure to global supply disruptions.
“We are also financing refining on the continent, which will alleviate the importation of refined products. We are not only supporting Dangote; we’re supporting three other refineries in Nigeria,” he said.
He explained that the move is driven by recent global supply chain disruptions, especially geopolitical tensions, which have made fuel imports more costly and difficult for African economies.
Denya noted that Afreximbank is combining short-term trade finance support with long-term investments aimed at building local production capacity and reducing import reliance.
He said, “For import-dependent economies, the cost of import is very high… so we have taken a proactive approach of engaging with financial institutions on the continent to increase their facilities so they can issue high-value letters of credit.”
According to him, the bank’s intervention includes a $10bn Gulf Crisis Response Programme designed to stabilise access to essential imports such as fuel, food, fertilisers, and pharmaceuticals.
He also stressed that Afreximbank’s support for refinery projects in Nigeria and other African countries is part of its broader industrialisation agenda.
“Our support for industrialists who are making a difference on the continent is testimony to this approach. We will continue to champion projects that reduce Africa’s reliance on imported refined products,” he added.
Denya further disclosed that similar refinery projects are also being financed in Angola, as part of efforts to achieve fuel self-sufficiency across the continent.
He added that strengthening local refining is expected to ease foreign exchange pressure and improve macroeconomic stability in African economies.
The bank also highlighted its support for small and medium-sized enterprises through financing and capacity-building programmes aimed at job creation and economic inclusion.
On its financial performance, Denya said Afreximbank’s total assets rose to $48.5bn in 2025, while net income increased to $1.2bn, reflecting strong growth in its operations.
He added that the institution will continue prioritising investments that promote Africa’s economic independence, including refining, infrastructure, and intra-African trade.