The African Export-Import Bank (Afreximbank) has launched a $3 billion revolving credit facility to help African and Caribbean buyers more easily access fuel, such as petrol, diesel, and jet fuel, from refineries within the continent.
- Afreximbank has launched a $3 billion revolving credit facility to help African and Caribbean buyers access fuel from African refineries.
- The initiative is expected to reduce the region’s annual $30 billion fuel import bill and unlock $10-14 billion in trade finance over the first three years.
- The facility aims to cushion governments’ budgets against unpredictable external shocks by sourcing fuel from nearby refineries and securing bank-backed credit in advance.
The African Export-Import Bank (Afreximbank) has launched a $3 billion revolving credit facility to help African and Caribbean buyers more easily access fuel, such as petrol, diesel, and jet fuel, from refineries within the continent.
The initiative is expected to unlock between $10–14 billion in trade finance over its first three years and reduce the region’s annual $30 billion fuel import bill, the bank said.
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Oil-exporting and oil-importing economies have been hit hard this year by a steep drop in crude prices and a spike in shipping costs.
Since mid-January, Brent crude has fallen over 20%, driven by shifting supply dynamics and growing fears that a global trade war could dampen demand.
By sourcing fuel from nearby refineries and securing bank-backed credit in advance, governments can cushion their budgets against such unpredictable external shocks, Reuters reported.
Backing Africa’s refining boom
Known as the Revolving Intra-African Oil Import Financing Programme, the facility is part of Afreximbank’s broader push to boost regional refining and processing capacity.
The Cairo-based lender is already the largest financier of Dangote’s 650,000-barrel-per-day refinery in Nigeria. It has supported upgrades at the Port Harcourt oil complex and is arranging funding for new refineries in Angola and Côte d’Ivoire. These projects could add around 1.3 million barrels per day of refining capacity.
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Through the facility, Afreximbank will issue or confirm letters of credit, provide advances, and discount trade instruments for energy ministries, national fuel importers, and private traders purchasing from African refineries.
The programme also acts as a real-world trial for the African Continental Free Trade Area (AfCFTA), aimed at deepening intra-African trade and accelerating industrialisation.
