• Afreximbank has offered investors more funds to build refineries after supporting the Dangote refinery
• The Pan-African multilateral financial institution said it wants to ensure that 50% of the continent's crude oil is refined within
• African governments, African private and institutional investors established Afreximbank in 1993

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The African Export-Import Bank (Afreximbank) has pledged a total of $18 billion to support the construction of refineries across Africa following its successful backing of the Dangote refinery project in Nigeria.

Afreximbank's strategic objective is to ensure that 50% of the continent's crude oil production is refined within Africa.

Benedict Oramah, President of Afreximbank, disclosed this while speaking at the ongoing 2024 Afreximbank annual meetings, incorporating the Africaribbean trade and investment forum, in Nassau, The Bahamas.

Afriembank shares goals for the continent

Oramah revealed that Afreximbank has a strategic goal to ensure the refining of 50% of the continent's 5 million barrels of crude oil production per day.

He described the support given to the building of the Dangote refinery as one of the most stellar achievements.

Afrixebank chief said:

"We are proud to be associated with these transformational projects, demonstrating the critical role of the capital we control in financing our development.

“It was the African capital that made the difference in delivering these monumental Dangote projects.

"We congratulate Aliko Dangote for his exemplary courage and entrepreneurial leadership in spearheading this $19 billion project.”

Additionally, he highlighted that the bank backed one of the largest nitrogen fertilizer plants, producing 3 million tons of urea fertilizer per year, set to rise to 6 million tons, and a petrochemical plant producing about a million tons of polypropylene annually.

He said:

"The support for the Dangote project came as part of a broader strategy, including $1.3 billion in combined support to build a new refinery in Cabinda, Angola, and refurbish the Port Harcourt refinery in Nigeria.

“Our aim is to create refining capacity that ensures at least 50% of the approximately 5 million barrels per day of crude oil produced in the Gulf of Guinea is refined in Africa.”

Oil companies ignore Dangote Refinery

Legit.ng earlier reported that Aliko Dangote, chairman of the Dangote Group, lamented that international oil companies in Nigeria are not prepared to supply crude oil to his refinery with a capacity of 650,000 barrels.

In a CNN interview, Dangote claimed that the multinational oil corporations were accustomed to selling crude for foreign exchange.

He added that despite the Nigerian National Petroleum Company Ltd's best efforts, the IOCs prefer to sell their products abroad.

Source: Legit.ng