By Agencies
ZIMBABWE stands to benefit directly from a new US$3 billion African Export-Import Bank facility aimed at boosting intra-African fuel trading and reducing reliance on the Middle East, the bank’s senior executive vice-president Mr Denys Denya has said.
Speaking at a media briefing yesterday, Mr Denya said Afreximbank was working with Dangote Refinery to establish a tank farm at Walvis Bay in Namibia, which would allow Zimbabwe, Zambia and Botswana to access cheaper fuel delivered in under five days from Lagos.
Crucially for Zimbabwe, Mr Denya said the bank was procuring about 550 tankers for road transport and was actively exploring the construction of a pipeline connecting to Zimbabwe and Zambia.
The National Oil Infrastructure Company (NOIC) — now a key asset under the fund — is set to expand the Beira–Harare facility’s capacity from three billion to five billion litres per year.
The expansion aims to synchronise fuel supply with Zimbabwe’s surging economic growth, particularly within the lithium, platinum and agricultural sectors.
By increasing throughput to approximately 400 million litres per month, the project will lower inland freight costs, enhance road safety by reducing heavy tanker traffic, and fortify national energy security.
About 85 percent of Zimbabwe’s total fuel imports are moved via the CPMZ–Feruka pipeline from the port of Beira in Mozambique to the inland terminals at Feruka (Mutare) and Msasa (Harare).
While the facility is the primary artery for fuel entering the country, the final “last-mile” distribution and a small portion of direct imports still rely on road and rail.
The pipeline remains the most cost-effective method.
However, Zimbabwe’s fuel economy is currently seeing a surge in road-intensive logistics.
In March 2026, reports indicated that, because of ageing rail infrastructure and capacity bottlenecks at certain terminals, a significant portion of the country’s US$1,86 billion annual fuel bill is still influenced by the higher costs of diesel-intensive road freight for secondary distribution.
Mr Denya also confirmed that Afreximbank had already seen uptake of its Gulf Crisis Response Programme by East African countries including Kenya, Ethiopia and Tanzania.
He warned that if the Middle East crisis were prolonged, the effects would be felt across the continent, including Southern Africa, and the US$10 billion facility could be used up quickly.
Mr Denya further reaffirmed Afreximbank’s commitment to reducing the continent’s dependence on external financial systems and imported refined products through sustained support for transformative projects aimed at boosting Africa’s productive capacity.
He said the bank remained focused on financing initiatives that strengthen value addition, industrialisation and self-sufficiency in critical sectors, such as refining, logistics and manufacturing.
Mr Denya pointed out that the bank’s role in supporting refining projects across the continent was a clear demonstration of its long-term commitment to Africa’s industrial transformation.
Among the most notable examples is Afreximbank’s facilitation of financing for the Dangote Refinery, a landmark energy infrastructure project expected to significantly reduce Nigeria’s dependence on imported petroleum products while improving regional fuel security.
According to Mr Denya, such interventions are designed to ensure that Africa’s natural resources are processed within the continent, thereby retaining economic value locally and reducing exposure to global market disruptions.
He stressed that strengthening domestic refining capacity is central to the continent’s industrial ambitions, as it supports job creation, stimulates ancillary industries, and builds resilience against foreign exchange pressures and supply chain vulnerabilities.
“We are also financing three other refineries on the continent because it’s required, so that Africa can be self-sufficient in terms of refined products because we have the crude,” he said.
“We are also doing the same in the fertiliser industry to ensure that especially countries in Southern Africa get fertilisers from the likes of Dangote and from Egypt.”’
-ZwPapers
