The African Export-Import Bank (Afreximbank) has introduced a $3 billion financing initiative aimed at unlocking up to $14 billion in intra-African oil trade. The program seeks to harness Africa’s emerging refining capacity to reduce reliance on imports and foster regional commerce. Despite abundant crude reserves, African nations continue importing refined oil from countries like India and Russia—sometimes even repurchasing their own crude at a premium. By strengthening local refining and trade infrastructure, Afreximbank’s plan addresses these inefficiencies and supports continental energy self-sufficiency. The initiative also aligns with broader goals of boosting industrialization and regional economic integration.
Saturday, June 21, 2025 - 22:41:55
Ashburn, United States | 32°C | Clear sky
