Tuesday 29th April 2025
Par inAfrika Reporter
The African Export-Import Bank (Afreximbank) has introduced a $3 billion revolving trade finance program aimed at reducing Africa’s dependency on imported refined petroleum products. This initiative seeks to finance the purchase of refined petroleum by African and Caribbean oil buyers, leveraging the continent’s growing refining capacity.
Africa currently spends approximately $30 billion annually on petroleum imports due to inadequate refining infrastructure. Afreximbank’s program is expected to finance between $10 billion to $14 billion in intra-African petroleum imports, aligning with the objectives of the African Continental Free Trade Area (AfCFTA) agreement, which promotes intra-African trade and industrialization.
The bank has been instrumental in financing key refining projects across the continent, including Nigeria’s Dangote refinery, the Lobito and Cabinda refineries in Angola, and the Port Harcourt refinery refurbishment. These investments aim to create over 1.3 million barrels per day (bpd) of refining capacity, transforming the Gulf of Guinea into a significant refining hub.
Eligible products under the program include Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Heavy Fuel Oil (HFO), Jet Fuel, and Kerosene. The program targets oil traders, banks, government entities, and state-owned enterprises seeking to source refined products from African refineries.
Afreximbank’s affiliated trading entity, Africa Trading Minerals (Atmin), will actively participate in trading and financing activities, supporting African oil trading companies with long-term relationships with the bank.
Professor Benedict Oramah, President of Afreximbank, emphasized the program’s potential to catalyze investments in shipping, marine logistics, and other ancillary businesses, enhancing Africa’s energy security and economic resilience.
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