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.
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:
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:
TimesNow.com.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: TimesNow.com.ng
