THE African Export-Import Bank (Afreximbank) is in talks with the Dangote Group to establish a fuel tank farm in Walvis Bay, a move aimed at supplying petroleum products to Zimbabwe and other regional markets.
The project forms part of a US$3 billion financing facility designed to strengthen intra-African trade in refined petroleum products and lower fuel costs across Southern Africa.
Afreximbank senior vice-president Denys Denya said refined fuel would be shipped from Lagos — home to the Dangote Refinery — to Walvis Bay, a journey expected to take less than five days.
“That tank farm will enable countries such as Botswana, Zimbabwe and Zambia to get their fuel directly from Namibia, which is cheaper,” Denya said.
To support the logistics chain, Afreximbank plans to procure an initial fleet of about 550 fuel tankers to transport petroleum products inland while longer-term infrastructure is developed.
“At the same time, we are also working on putting a pipeline that will connect to Zimbabwe and Zambia,” Denya said.
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Last year, Africa’s richest man, Aliko Dangote, visited Zimbabwe, where he signed deals worth more than US$1 billion spanning cement, fertiliser, infrastructure and energy projects.
“You know, we are in the business of producing oil and we have the largest single-train refinery in the world in Nigeria. We will bring the product to Walvis Bay and then pipe it down to southern Africa as well,” Dangote told journalists after signing the agreements.
Denya said Afreximbank is also in discussions with the Mutapa Investment Fund and private sector players in Zimbabwe to expand the capacity of the Beira–Msasa pipeline and extend it into Zambia.
“All these initiatives are aimed at ensuring supply and reducing the cost of fuel,” he said.
The projects form part of Afreximbank’s broader strategy to deepen energy trade within Africa, reduce reliance on extra-continental fuel imports, and stabilise supply across regional markets.
By strengthening storage, transport and pipeline infrastructure, the bank aims to improve fuel availability and reduce petroleum costs for land-linked economies in Southern Africa.
Fuel markets across Africa, including Zimbabwe, have recently been rattled by the Iran–Israel conflict, which has pushed up global oil prices.
In Zimbabwe, petrol prices have risen to about US$2,08 per litre, up from US$1,56, while diesel has increased to US$2,09 per litre from US$1,52.