Now operational, the refinery is helping Nigeria reduce petroleum import costs by $10 to $12 billion annually, increasing value-added exports, and building a strong industrial foundation.Oramah also reflected on Afreximbank’s wider continental efforts, stating that the bank has invested about $120 billion across Africa and the Caribbean between 2020 and May 2025.He added that $50 billion was disbursed between 2022 and 2023 alone to strengthen internal production capacity and reduce dependence on Black Sea supplies.Over the past decade, total investments have reached $155 billion.
Read More"This initiative is not just about improving fuel quality; it's a significant step towards environmental protection and reducing the overall cost of fuel for Ugandans," said Nankabirwa. Under the new policy, fuel dealers must initially blend 5% ethanol into petrol, with plans to gradually increase the proportion to 20%, depending on local supply capacity. Fuel blending involves combining conventional fossil fuels, such as petrol or diesel, with renewable additives like ethanol or biodiesel.
Read MoreIndexBox has just published a new report: Africa - Roasted Coffee (Not Decaffeinated) - Market Analysis, Forecast, Size, Trends And Insights. The demand for roasted coffee in Africa is on the rise, leading to a forecasted growth in market volume to 1.9M tons and market value to $13.8B by the end of 2035. Despite a deceleration in market performance, the industry is expected to expand with a CAGR of +1.4% for volume and +2.6% for value from 2024 to 2035.
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