LAGOS, Nigeria — The African Export‑Import Bank (Afreximbank) has unveiled plans to finance the construction of three new refineries in Nigeria, widening its bet on the country’s downstream sector to curb fuel imports and shield the economy from global supply shocks.
Okay News reports that Afreximbank Senior Executive Vice President, Denys Denya, disclosed the intervention during a virtual media briefing on April 28, 2026, saying the move is part of a broader strategy to strengthen domestic processing capacity across Africa.
“The move extends the bank’s existing involvement in the country’s downstream segment, including its support for the Dangote Refinery, and reflects a broader strategy aimed at strengthening domestic processing capacity across Africa,” Denya said.
He explained that recent geopolitical tensions, particularly in major energy‑producing regions, have increased the cost and complexity of fuel imports for African economies. In response, the bank has rolled out a 10 billion dollar Gulf Crisis Response Programme to stabilise access to essential imports — including fuel, food, fertilisers, and pharmaceuticals — and to support sectors hit by external shocks. Kenya, Ethiopia, and Tanzania have already tapped the facility.
Beyond Nigeria, Afreximbank confirmed it is financing refinery projects in Angola as part of a continent‑wide effort to improve self‑sufficiency in petroleum products. In Nigeria, higher local refining capacity is expected to reduce pressure on foreign exchange and support a more stable domestic fuel supply. The bank also referenced its role in the naira‑for‑crude arrangement with the Dangote Refinery, which allows refined products to be traded in the local currency.
On its financial performance, Afreximbank said total assets grew 21 percent year‑on‑year to 48.5 billion dollars in 2025, while net income rose 19 percent to 1.2 billion dollars. The bank also raised a 2 billion dollar syndicated facility backed by 31 global lenders.
In March 2026, Afreximbank underwrote 2.5 billion dollars of a 4 billion dollar senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE, a five‑year facility arranged alongside Access Bank to optimise the refinery’s capital structure and support its long‑term expansion.
 has unveiled plans to finance the construction of three new refineries in Nigeria, widening its bet on the country’s downstream sector to curb fuel imports and shield the economy from global supply shocks.){kind=link}