ABUJA, Nigeria (VOICE OF NAIJA)-The Senior Executive Vice President of the African Export-Import Bank, Mr Denys Denya, has disclosed that the bank is funding three additional refineries in Nigeria as part of efforts to reduce the country’s reliance on imported petroleum products.
Speaking during a virtual media briefing on Monday, Denya explained that the initiative is part of a broader plan to strengthen local refining capacity and limit Africa’s exposure to external supply disruptions.
“We are also financing refining on the continent, which will alleviate the importation of refined products. We are not only supporting Dangote; we’re supporting three other refineries in Nigeria,” he said.
The briefing, which focused on the bank’s 2025 financial results, crisis response measures, and industrialisation agenda, also included a question-and-answer session with journalists from across the continent.
Denya noted that the push for increased refining capacity is driven by recent global supply chain disruptions, particularly those linked to tensions in the Middle East, which have made fuel imports more expensive and complex for African countries.
He explained that Afreximbank is pursuing a dual strategy meeting immediate trade financing needs while investing in long-term production capacity to reduce structural dependence on imports.
He said, “For import-dependent economies, the cost of import is very high… so we have taken a proactive approach of engaging with financial institutions on the continent to increase their facilities so they can issue high-value letters of credit.”
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The bank’s efforts are supported by a $10bn Gulf Crisis Response Programme aimed at stabilising access to essential imports such as fuel, food, fertilisers, and pharmaceuticals, while also assisting sectors affected by global shocks.
Denya revealed that the programme is already being utilised by countries such as Kenya, Ethiopia, and Tanzania, warning that demand may rise further if geopolitical tensions continue.
He stressed that beyond short-term measures, financing refining projects in Nigeria and other African nations remains central to Afreximbank’s long-term industrialisation and export development strategy.
According to him, the bank’s backing of major industrial ventures, including the Dangote Group refinery, underscores its commitment to reducing Africa’s dependence on imported refined products and strengthening regional value chains.
“Our support for industrialists who are making a difference on the continent is testimony to this approach. We will continue to champion projects that reduce Africa’s reliance on imported refined products,” he added.
Denya also disclosed that the bank is funding similar refinery projects in Angola as part of a continent-wide drive toward self-sufficiency in petroleum products.
He explained that expanding local refining capacity would help improve macroeconomic stability by easing foreign exchange pressures tied to fuel imports.
On Nigeria, he said the country stands to benefit from higher global oil prices as a crude exporter, while ongoing reforms in domestic refining could help curb inflation over time.
He also highlighted Afreximbank’s support for a local currency framework for crude supply to the Dangote refinery, allowing refined products to be sold in naira and potentially reducing pressure on the foreign exchange market.
Responding to concerns about whether economic gains are reaching ordinary citizens, Denya said the bank is increasing support for small and medium-sized enterprises through financing and capacity-building initiatives.
“We have interventions in the SME sector where we are providing not only financing but capacity building to ensure that we generate employment… so it is felt by the general population,” he said.
He added that supplier financing programmes are also being introduced to ensure timely payments within industrial value chains, thereby supporting job creation and economic inclusion.
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On the bank’s performance, Denya revealed that Afreximbank’s total assets rose to $48.5bn in 2025, marking a 21 per cent increase from the previous year, while net income grew by 19 per cent to $1.2bn.
He said this strong performance reflects the bank’s expanding role in trade and project financing across Africa, with 92 per cent of earnings coming from core operations.
The bank also secured a $2bn syndicated facility during the year, attracting 31 global lenders and demonstrating strong investor confidence.
Denya emphasised that Afreximbank will continue to prioritise investments that strengthen Africa’s economic independence, including infrastructure, refining, fertiliser production, and intra-African trade.
He added that preparations are underway for a new five-year strategic plan covering 2027 to 2031, with a focus on value addition and reducing reliance on external financial systems.
“There is still a lot to be done… but our focus will remain on value addition because that is what will anchor Africa’s structural transformation,” he said.
Earlier, the African Export-Import Bank had underwritten $2.5bn of a $4bn senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals to strengthen its financial position and support long-term growth.