The African Export-Import Bank (Afreximbank) has launched a $3 billion revolving trade financing programme aimed at boosting the purchase of refined petroleum products across Africa and the Caribbean. The newly introduced facility, according to a press release from the bank, is designed to enhance energy security by supporting regional buyers and bolstering refining capacity developed largely with the bank’s help.
In alignment with the African Continental Free Trade Area (AfCFTA), the programme seeks to facilitate intra-African trade, promote industrialisation, and generate employment. Afreximbank says the initiative incorporates flexible financing options, competitive pricing, and logistical backing to meet the specific needs of stakeholders involved in the petroleum trade. These tools are expected to build stronger regional supply chains and reduce Africa’s longstanding reliance on imported refined products.
Afreximbank is helping to create over 1.3 million barrels per day of refining capacity in Africa, the statement read. The bank added that its investments are positioning the Gulf of Guinea as a future refining hub, increasing the share of crude oil processed on the continent. The move aims to maximise the value retained within Africa while reinforcing its economic resilience
Leaders Applaud Bold Energy Move
Professor Benedict Oramah, President and Chairman of the Afreximbank Board, praised the initiative’s broader implications for Africa’s refining and logistics sectors. “The programme will catalyse investments not just in production but also in shipping, marine logistics, and insurance,” he said. “We aim to refine more of the 4 million barrels per day produced in the Gulf of Guinea right here in Africa.”
The bank also highlighted the multiplier effect this investment is expected to have across related sectors. Stakeholders foresee growth in ancillary services such as cargo insurance and marine transport, all of which are vital to strengthening intra-African and extra-African petroleum trade.
His Excellency Dr. Lazarus Chakwera, President of Malawi, hailed the programme as a turning point for African nations seeking energy independence. “This is a clear sign that Africa is ready to shape its own energy future,” Chakwera remarked. “It will reduce import dependency and ensure more affordable and stable access to refined petroleum products—an essential step for countries like Malawi.”
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[…] Afreximbank President Benedict Oramah called the move timely, noting that while Africa’s creative economy is growing rapidly, it is still held back by funding gaps and market access limitations. […]