The outgoing President and Chairman of the Board of Administrators of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has disclosed that the bank has to this point supported the Dangote Refinery and Petrochemical Trade with “over $4 billion” in interventions.
He made this disclosure throughout his closing speech on Friday on the Afreximbank thirty second Annual Conferences, which was attended by Nairametrics.
He additional highlighted that between 2020, the onset of the COVID-19 pandemic, and Might 2025, with the robust assist of shareholders, Afreximbank has invested roughly $120 billion in Africa and the Caribbean, and $155 billion within the final decade.
Intervention in Dangote Refinery and Others
Oramah acknowledged that the bank’s different interventions in Africa have been necessitated by the truth that African international locations stay uncooked commodity exporters, with these commodities largely traded by overseas nationals.
“Afreximbank stepped in, disbursing $50 billion (between 2022 and 2023) to assist African economies to diversify sourcing and develop inside capacities, together with serving to to fast-track petroleum refineries and fertilizer manufacturing tasks to scale back dependence on Black Sea provides,” he added.
- He stated that by adopting what he termed “African Greatest Observe,” the bank has achieved impactful interventions over time, together with within the Dangote Refinery.
“That was why, when others couldn’t, we have been in a position to straight and not directly assist the Dangote Refinery and Petrochemical Trade with over $4 billion.
“That advanced, now operational, helps to chop petroleum imports into Nigeria by about $10-12 billion yearly, is rising value-added exports, and helps to create a stable industrial basis in Nigeria,” he added.
- He appreciated the bank’s shareholders for his or her assist, which ensured that the bank remained well-capitalized to fulfill the rising demand for commerce and growth finance as flows from conventional sources proceed to dwindle.
“Whole belongings and ensures grew greater than eightfold between September 2015 and April 2025, reaching $43.5 billion.
“Whole revenues additionally rose sevenfold, reaching $3.24 billion from $408 million in 2015. Internet earnings amounted to about $1 billion final yr, a couple of 700% improve from its degree of $125 million in 2015.
“Inner capital technology and really robust assist from shareholders by way of vital extra fairness investments noticed shareholders’ funds rise from about $1 billion in September 2015 to $7.5 billion in April 2025, with callable capital reaching $4.5 billion from $450 million in September 2015.
“I have to, at this juncture, thank shareholders as soon as once more for his or her vital reinvestment of dividends, with 50-70% of their dividends reinvested yearly all through the interval—a robust vote of confidence in your administration and board,” he stated.
Nigeria Has Benefited from Afreximbank
In his welcome deal with earlier, the Minister of Finance and Coordinating Minister of the Financial system, Mr. Wale Edun, highlighted that the Dangote Refinery, in addition to a number of Small and Medium Enterprises (SMEs), have benefited from Afreximbank’s financing underneath Oramah’s management.
- He defined that whereas Africa faces daunting challenges, African international locations can commerce collectively to carry Africans out of poverty.
- He assured that the federal authorities of Nigeria is dedicated to assembly all binding treaties, and he urged events to make sure the bank stays “robust” and “secure.”
- He known as for shared wealth, including that investments in and by the personal sector, throughout the board, ought to proceed.
What You Ought to Know
As of April 2025, Afreximbank disclosed it had dedicated $3 billion to finance the commerce of refined oil merchandise throughout the continent and cut back Africa’s dependence on gasoline imports.
Nigeria was among the many largest beneficiaries of the bank, accounting for about 60% of its $30 billion funding of the power sector in Africa as of 2024.
Afreximbank is a key investor in Africa’s oil and gasoline sector and has backed main tasks just like the 650,000 barrels-per-day Dangote refinery and Angola’s Lobito and Cabinda refineries.
Nonetheless, analysts say Nigeria can solely acquire from this growth if the nation will increase crude oil manufacturing and refining.
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