The President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Dr. Benedict Oramah, has explained the bank’s decision to support the Dangote Petroleum Refinery, describing the project as a strategic investment capable of transforming Africa’s industrial and energy landscape.
Speaking on the rationale behind the bank’s involvement, Oramah said the refinery aligns with Afreximbank’s broader mission of promoting industrialisation, reducing dependence on imported petroleum products, and strengthening intra-African trade. He noted that the project represents a significant step toward enhancing energy security and boosting economic development across the continent.
According to him, Africa has historically exported crude oil while importing refined petroleum products, a situation that has limited value addition and exposed many countries to supply disruptions and price volatility. Supporting large-scale refining projects such as the Dangote Refinery, he said, is essential to reversing this trend and building more resilient economies.
Oramah further explained that the refinery has the capacity to meet domestic fuel demand in Nigeria while supplying refined products to other African markets. He added that the project could significantly reduce foreign exchange pressures, improve regional energy supply chains, and create employment opportunities across various sectors of the economy.
The Afreximbank president noted that the bank’s intervention is consistent with its mandate to finance transformative projects that stimulate industrial growth and accelerate economic integration on the continent. He stressed that strategic investments in manufacturing and processing industries remain critical to achieving sustainable development in Africa.
Industry analysts believe the Dangote Refinery could play a pivotal role in reshaping Africa’s downstream petroleum sector by reducing import dependence, strengthening energy security, and supporting the objectives of the African Continental Free Trade Area (AfCFTA).
