The African Export-Import Bank says it is financing three additional refineries in Nigeria as part of efforts to reduce dependence on imported fuel.
The bank’s Senior Executive Vice President, Denys Denya, disclosed this during a media briefing, noting that the support goes beyond the Dangote Refinery.
He said the goal is to boost local refining capacity and strengthen energy security across the country.
According to him, the move is also a response to global supply disruptions, especially tensions in the Middle East, which have made fuel imports more expensive and uncertain.
Denya explained that the bank is combining short term trade finance with long term investment in industrial capacity to reduce reliance on imports.
The intervention is backed by a 10 billion dollar Gulf Crisis Response Programme, designed to support access to critical supplies like fuel, food, fertiliser and pharmaceuticals.
He added that increasing local refining capacity in Nigeria could ease pressure on foreign exchange and support economic stability.
Afreximbank is also promoting initiatives that allow crude oil to be paid for in local currency, a move expected to reduce demand for dollars and improve access to refined petroleum products.
