The outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has disclosed that the bank has so far supported the Dangote Refinery and Petrochemical Industry with “over $4 billion” in interventions.

He made this disclosure during his closing speech on Friday at the Afreximbank 32nd Annual Meetings, which was attended by Nairametrics.

He further highlighted that between 2020, the onset of the COVID-19 pandemic, and May 2025, with the strong support of shareholders, Afreximbank has invested approximately $120 billion in Africa and the Caribbean, and $155 billion in the last decade.

Oramah stated that the bank’s alternative interventions in Africa were necessitated by the fact that African countries remain raw commodity exporters, with these commodities largely traded by foreign nationals.

“Afreximbank stepped in, disbursing $50 billion (between 2022 and 2023) to support African economies to diversify sourcing and develop internal capacities, including helping to fast-track petroleum refineries and fertilizer production projects to reduce dependence on Black Sea supplies,” he added.

“That was why, when others could not, we were able to directly and indirectly support the Dangote Refinery and Petrochemical Industry with over $4 billion. 

“That complex, now operational, is helping to cut petroleum imports into Nigeria by about $10-12 billion annually, is increasing value-added exports, and is helping to create a solid industrial foundation in Nigeria,” he added.

“Total assets and guarantees grew more than eightfold between September 2015 and April 2025, reaching $43.5 billion. 

“Total revenues also rose sevenfold, reaching $3.24 billion from $408 million in 2015. Net income amounted to about $1 billion last year, about a 700% increase from its level of $125 million in 2015. 

“Internal capital generation and very strong support from shareholders through significant additional equity investments saw 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 must, at this juncture, thank shareholders once again for their significant reinvestment of dividends, with 50-70% of their dividends reinvested annually throughout the period—a strong vote of confidence in your management and board,” he said.

In his welcome address earlier, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted that the Dangote Refinery, as well as several Small and Medium Enterprises (SMEs), have benefited from Afreximbank’s financing under Oramah’s leadership.

As of April 2025, Afreximbank disclosed it had committed $3 billion to finance the trade of refined oil products within the continent and reduce Africa’s dependence on fuel imports.

Nigeria was among the largest beneficiaries of the bank, accounting for about 60% of its $30 billion funding of the energy sector in Africa as of 2024.

Afreximbank is a key investor in Africa’s oil and gas sector and has backed major projects like the 650,000 barrels-per-day Dangote refinery and Angola’s Lobito and Cabinda refineries.

However, analysts say Nigeria can only gain from this development if the country increases crude oil production and refining.