President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), George Elombi, has credited the Dangote Petroleum Refinery with helping to stabilise the naira by reducing Nigeria’s reliance on imported fuel and easing pressure on the country’s foreign exchange market.
Elombi spoke on Wednesday during a Mid-Year Media Roundtable in Abuja, where he disclosed that the bank had approved $2.5 billion in support for the expansion of the Dangote refinery.
According to him, the refinery has already demonstrated its strategic importance to both Nigeria and the wider African continent, particularly during recent tensions in the Middle East that disrupted global energy markets.
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“The crisis in the Gulf has happened; oil prices fled, but Africa didn’t lack in its refined petroleum products,” Elombi said.
He noted that before the commencement of operations at the refinery, Nigeria depended heavily on imported petroleum products, a situation that exerted significant pressure on foreign exchange reserves and contributed to volatility in the currency market.
Elombi said the refinery’s growing capacity, combined with crude-for-naira transactions, had reduced the need for large-scale fuel importation and supported exchange rate stability.
“It wasn’t believed, but the currency stabilised because of that,” he said.
The Afreximbank president described the refinery as a transformational investment whose benefits extend beyond Nigeria’s borders, arguing that it provides a template for industrialisation and energy security across Africa.
He revealed that Afreximbank approved $2.5 billion of the $4 billion financing sought by Dangote Petroleum Refinery and Petrochemicals to support expansion plans and strengthen long-term operations.
Beyond Nigeria, Elombi said Afreximbank was financing refinery and storage infrastructure projects in Ethiopia, Kenya, Tanzania, Uganda, Angola, Chad, the Republic of Congo and Namibia to reduce Africa’s dependence on imported refined products.
He also highlighted the growing export footprint of the Dangote Group’s fertiliser business, noting that products are already being shipped to Germany, Brazil and other international markets.
However, he stressed that Afreximbank would like to see a larger share of such exports directed towards African countries to deepen intra-African trade.
Describing Nigeria as the bank’s most strategic market, Elombi said the country’s economic performance remains crucial to the broader African economy.
“It’s the heartbeat of the African continent, and Dangote is demonstrating that it is indeed the heartbeat of the continent. When you stop the energy, everything comes to an end. The heart stops beating,” he said.
Elombi also underscored the role of the Pan-African Payment and Settlement System in reducing foreign exchange demand across Africa.
According to him, the platform currently links more than 190 commercial banks and fintech firms across 28 African countries and supports seamless local currency transactions under the African Continental Free Trade Area.
He disclosed that PAPSS intends to introduce a payment card that would allow Africans to spend their local currencies across participating countries without converting them into dollars.
The Afreximbank chief also reiterated the institution’s focus on financing industrialisation and local processing rather than supporting the export of raw materials.
“We’re no longer interested in anyone who is going to just mine Africa. We only want people who will mine and process at home,” he said.
Elombi further criticised global credit rating agencies over what he described as unfair perceptions about Africa, arguing that such assessments increase borrowing costs and constrain investment opportunities.
He maintained that Afreximbank would continue deploying African capital to finance infrastructure, manufacturing and strategic sectors across the continent.
The comments come as Afreximbank expands support for refining projects across Africa, including three additional refineries in Nigeria aimed at reducing dependence on imported petroleum products.
