Afreximbank’s $15bn Dangote exposure deepens with Kenya refinery project

African Export-Import Bank (Afreximbank) has congratulated President William Ruto and the government and people of Kenya on the groundbreaking of Dangote Group’s planned $16 billion petroleum refinery in Lamu, as the bank’s financing relationship with the conglomerate deepens through its expansion into East Africa. The bank, which disclosed that it has invested approximately $15 billion in Dangote Group since 2015, said the latest project represents a significant step towards expanding Africa’s refining capacity, strengthening regional energy security and promoting cross-border industrial investments. The Dangote East Africa Petroleum Refinery and Petrochemicals Special Economic Zone, whose groundbreaking ceremony was held on September 30, 2026, in Mokowe, Lamu County, is planned to process 700,000 barrels of crude oil per day and is expected to create approximately 60,000 jobs. The project is expected to process crude sourced from African producers, including Uganda, while supplying refined petroleum products to Kenya and the wider East African market. Afreximbank said the investment would help retain more value within African economies, deepen industrial supply chains, generate employment and reduce exposure to imported refined petroleum products. George Elombi, president and chairman of the board of directors of Afreximbank, said the investment demonstrates Africa’s capacity to finance and develop major industrial assets that address the continent’s economic needs. “The significance of this investment extends well beyond the construction of a refinery. It demonstrates Africa’s capacity to conceive, finance and build major industrial assets that respond directly to the needs of our economies,” Elombi said. He said refining more crude oil within the continent would enable African economies to retain greater value from their natural resources, create jobs and strengthen trade links between countries. Afreximbank’s financial relationship with Dangote Group includes substantial support for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria. Read also: Boko Haram kill 15 loggers, farmers accused of spy for military in Borno In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The bank, which disclosed that it has invested approximately $15 billion in Dangote Group since 2015, said the latest project represents a significant step towards expanding Africa’s refining capacity, strengthening regional energy security and promoting cross-border industrial investments. The Dangote East Africa Petroleum Refinery and Petrochemicals Special Economic Zone, whose groundbreaking ceremony was held on September 30, 2026, in Mokowe, Lamu County, is planned to process 700,000 barrels of crude oil per day and is expected to create approximately 60,000 jobs. The project is expected to process crude sourced from African producers, including Uganda, while supplying refined petroleum products to Kenya and the wider East African market. Afreximbank said the investment would help retain more value within African economies, deepen industrial supply chains, generate employment and reduce exposure to imported refined petroleum products. George Elombi, president and chairman of the board of directors of Afreximbank, said the investment demonstrates Africa’s capacity to finance and develop major industrial assets that address the continent’s economic needs. “The significance of this investment extends well beyond the construction of a refinery. It demonstrates Africa’s capacity to conceive, finance and build major industrial assets that respond directly to the needs of our economies,” Elombi said. He said refining more crude oil within the continent would enable African economies to retain greater value from their natural resources, create jobs and strengthen trade links between countries. Afreximbank’s financial relationship with Dangote Group includes substantial support for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria. Read also: Boko Haram kill 15 loggers, farmers accused of spy for military in Borno In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The Dangote East Africa Petroleum Refinery and Petrochemicals Special Economic Zone, whose groundbreaking ceremony was held on September 30, 2026, in Mokowe, Lamu County, is planned to process 700,000 barrels of crude oil per day and is expected to create approximately 60,000 jobs. The project is expected to process crude sourced from African producers, including Uganda, while supplying refined petroleum products to Kenya and the wider East African market. Afreximbank said the investment would help retain more value within African economies, deepen industrial supply chains, generate employment and reduce exposure to imported refined petroleum products. George Elombi, president and chairman of the board of directors of Afreximbank, said the investment demonstrates Africa’s capacity to finance and develop major industrial assets that address the continent’s economic needs. “The significance of this investment extends well beyond the construction of a refinery. It demonstrates Africa’s capacity to conceive, finance and build major industrial assets that respond directly to the needs of our economies,” Elombi said. He said refining more crude oil within the continent would enable African economies to retain greater value from their natural resources, create jobs and strengthen trade links between countries. Afreximbank’s financial relationship with Dangote Group includes substantial support for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria. Read also: Boko Haram kill 15 loggers, farmers accused of spy for military in Borno In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The project is expected to process crude sourced from African producers, including Uganda, while supplying refined petroleum products to Kenya and the wider East African market. Afreximbank said the investment would help retain more value within African economies, deepen industrial supply chains, generate employment and reduce exposure to imported refined petroleum products. George Elombi, president and chairman of the board of directors of Afreximbank, said the investment demonstrates Africa’s capacity to finance and develop major industrial assets that address the continent’s economic needs. “The significance of this investment extends well beyond the construction of a refinery. It demonstrates Africa’s capacity to conceive, finance and build major industrial assets that respond directly to the needs of our economies,” Elombi said. He said refining more crude oil within the continent would enable African economies to retain greater value from their natural resources, create jobs and strengthen trade links between countries. Afreximbank’s financial relationship with Dangote Group includes substantial support for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria. Read also: Boko Haram kill 15 loggers, farmers accused of spy for military in Borno In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Afreximbank said the investment would help retain more value within African economies, deepen industrial supply chains, generate employment and reduce exposure to imported refined petroleum products. George Elombi, president and chairman of the board of directors of Afreximbank, said the investment demonstrates Africa’s capacity to finance and develop major industrial assets that address the continent’s economic needs. “The significance of this investment extends well beyond the construction of a refinery. It demonstrates Africa’s capacity to conceive, finance and build major industrial assets that respond directly to the needs of our economies,” Elombi said. He said refining more crude oil within the continent would enable African economies to retain greater value from their natural resources, create jobs and strengthen trade links between countries. Afreximbank’s financial relationship with Dangote Group includes substantial support for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria. Read also: Boko Haram kill 15 loggers, farmers accused of spy for military in Borno In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

George Elombi, president and chairman of the board of directors of Afreximbank, said the investment demonstrates Africa’s capacity to finance and develop major industrial assets that address the continent’s economic needs. “The significance of this investment extends well beyond the construction of a refinery. It demonstrates Africa’s capacity to conceive, finance and build major industrial assets that respond directly to the needs of our economies,” Elombi said. He said refining more crude oil within the continent would enable African economies to retain greater value from their natural resources, create jobs and strengthen trade links between countries. Afreximbank’s financial relationship with Dangote Group includes substantial support for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria. Read also: Boko Haram kill 15 loggers, farmers accused of spy for military in Borno In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

“The significance of this investment extends well beyond the construction of a refinery. It demonstrates Africa’s capacity to conceive, finance and build major industrial assets that respond directly to the needs of our economies,” Elombi said. He said refining more crude oil within the continent would enable African economies to retain greater value from their natural resources, create jobs and strengthen trade links between countries. Afreximbank’s financial relationship with Dangote Group includes substantial support for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria. Read also: Boko Haram kill 15 loggers, farmers accused of spy for military in Borno In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

He said refining more crude oil within the continent would enable African economies to retain greater value from their natural resources, create jobs and strengthen trade links between countries. Afreximbank’s financial relationship with Dangote Group includes substantial support for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria. Read also: Boko Haram kill 15 loggers, farmers accused of spy for military in Borno In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Afreximbank’s financial relationship with Dangote Group includes substantial support for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria. Read also: Boko Haram kill 15 loggers, farmers accused of spy for military in Borno In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Read also: Boko Haram kill 15 loggers, farmers accused of spy for military in Borno In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

In 2025, the bank signed a $1.35 billion financing facility as part of an approximately $4 billion syndicated financing for Dangote Industries Limited. In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

In 2026, it subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The bank also provided a $1 billion working-capital facility following the commencement of refining operations and served as financial adviser on the Naira-for-Crude initiative. These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

These interventions form part of Afreximbank’s wider strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme designed to facilitate approximately $10 billion to $14 billion in intra-African petroleum imports and enable African buyers to source more refined products from African refineries. Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Elombi said the expansion of Dangote Group into East Africa reflects the growing importance of African businesses investing across national borders to build the continent’s productive capacity. “African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

“African enterprises such as Dangote Industries demonstrate what is possible when African ambition is matched by investment at scale. They turn our natural resources into productive capacity, refineries, factories, supply chains, jobs and products that can be traded across African markets,” he said. He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

He added that Africa’s economic transformation would increasingly depend on African enterprises investing across borders, financial institutions supporting them and governments creating conditions for such investments to succeed. The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The Kenya refinery project comes amid growing concerns about Africa’s vulnerability to disruptions in global energy and shipping routes, particularly around the Strait of Hormuz, the Red Sea and Bab el-Mandeb. Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Afreximbank said recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity important for energy security and economic resilience. Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Beyond its relationship with Dangote Group, Afreximbank is expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023 to support priority public and private-sector projects. The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises and initiatives aimed at connecting Kenyan businesses to regional and continental markets. It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

It includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The bank is also supporting the development of the Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II in partnership with the Kenyan government and ARISE Integrated Industrial Platforms. Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Approximately $1 billion has been earmarked for the two industrial parks, which are expected to strengthen export manufacturing, attract investment and position Kenya as an industrial and logistics gateway into East and Central Africa. Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Government projections have associated the developments with approximately 140,000 jobs when fully completed. In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

In addition, Afreximbank and KCB Group announced an $800 million financing framework in 2025 to support enterprises establishing operations in the Vipingo Special Economic Zone in Kilifi County. The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The framework comprises $500 million from Afreximbank and $300 million from KCB Group, while Afreximbank had already disbursed $40 million towards development of the zone. The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The bank said the financing targets manufacturing, agro-processing, logistics and other value-addition sectors. Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Afreximbank said investments such as the Lamu refinery, alongside Kenya’s emerging industrial parks and special economic zones, would support the objectives of the African Continental Free Trade Area by encouraging African economies to move from exporting unprocessed commodities and importing manufactured products towards producing, processing and trading more within the continent. Related News Davido’s three-night National Theatre residency could generate over N2.3bn in ticket sales AFRICA FINANCE IN BRIEF: Africa’s financial power map is changing FG plans to reduce workers’ 40-60% share of income on rent Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.