The African Export-Import Bank (Afreximbank) has launched a $3 billion Revolving Intra-African Oil Trade Financing Programme to support the purchase of refined petroleum products across Africa and the Caribbean.
In a statement released on Monday via its official website, the bank explained that the initiative is designed to back the continent’s growing refining capacity, much of which has been developed through Afreximbank’s financing, and to promote intra-African trade, industrialisation, and job creation in line with the African Continental Free Trade Area (AfCFTA) goals.
According to the bank, the programme will leverage innovative trade finance and supply chain solutions, offering flexible tenures, competitive pricing, and logistics support.
These measures are expected to boost energy security, reinforce regional value chains, and strengthen economic resilience across the two regions.
Through its investments, Afreximbank has helped establish over 1.3 million barrels per day of refining capacity, positioning the Gulf of Guinea as a potential refining hub.
The bank highlighted that this move will reduce Africa’s reliance on imported refined petroleum products and expand intra-continental trade.
Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, said, “The programme would galvanise efforts towards making the Gulf of Guinea a key refining hub.
Whilst the programme will have a direct impact on the volume of the refined petroleum products produced and consumed in Africa, it will also have a multiplier effect on the downstream petroleum value chain as it will catalyse critical investments in shipping and marine logistics for intra and extra African trade of crude oil and refined products.
The multiplier effect will also be seen in marine cargo insurance and other ancillary businesses within the sector.
We want to see an increased proportion of the about 4 mbpd of crude oil produced in the Gulf of Guinea refined in Africa.”
President Lazarus Chakwera of Malawi praised the programme, describing it as “a clear demonstration of Africa’s resolve to take charge of its own energy future.”
He added, “We commend Afreximbank for this timely intervention, which stands to benefit African countries like Malawi by reducing import dependency, strengthening regional supply chains, and keeping more value within the continent.
Most importantly, it will deliver real impact to our citizens by ensuring more stable and affordable access to refined petroleum products, which are essential to Malawians’ daily life and economic productivity.”
Afreximbank’s involvement in the refining sector is notable.
The bank is the largest financier of Nigeria’s Dangote Refinery, which began operations in January 2024, and is backing the 200,000 barrels-per-day Lobito Refinery and the 60,000 barrels-per-day Cabinda Refinery in Angola.
It has also provided financing for the refurbishment of Nigeria’s 210,000 barrels-per-day Port Harcourt Refinery and has recently approved funding for the development of the BUA and Azikel refineries.
Additionally, the bank continues to finance Société Ivoirienne de Raffinage (SIR) in Côte d’Ivoire.
