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The African Export-Import Bank (Afreximbank) has approved a $10bn to help Nigerian residents and other African countries reduce economic hardship caused by the ongoing Middle East conflict, under its Gulf Crisis Response Programme (GCRP).
The intervention, approved by the Board of Directors of the bank, is aimed at countering the severe economic shocks triggered by the escalating crisis, which has continued to disrupt global trade, energy supply and financial markets.
Since the conflict escalated on February 28, 2026, it has sent shockwaves across the global economy, with African and Caribbean countries bearing a significant share of the impact. The Gulf region remains a critical source of crude oil, liquefied natural gas, fertilisers and other strategic commodities, while also serving as a key route for global shipping through the Strait of Hormuz.
As a result, disruptions linked to the conflict have adversely affected countries that rely heavily on fuel, fertiliser and food imports, as well as those dependent on trade flows, remittances, tourism and foreign investments tied to the region.
Nigeria, which depends largely on imported refined petroleum products and key agricultural inputs, is among the countries expected to benefit from the $10bn facility. The programme is structured to ease pressure on foreign exchange, support import financing and stabilise supply chains that have come under strain due to rising global uncertainty.
According to Afreximbank, the Gulf Crisis Response Programme is designed to ensure the continued supply of essential goods, including fuel, liquefied natural gas, food, fertiliser and pharmaceuticals, through the provision of short-term foreign exchange and liquidity support to participating countries.
The bank explained that this approach would help governments and businesses maintain steady access to critical imports, thereby reducing the risk of shortages and moderating price increases in domestic markets.
Although the funding is not intended for direct disbursement to individuals, economic experts note that its impact could be felt indirectly by citizens through improved availability of essential commodities, reduced volatility in fuel supply and a gradual easing of inflationary pressures.
In addition to supporting imports, the programme also seeks to position African economies to benefit from emerging opportunities arising from the global disruption. This includes enabling energy and mineral exporters to scale up production and take advantage of increased demand and shifting trade routes.
To achieve this, Afreximbank said it would deploy financial instruments such as pre-export finance, working capital and inventory financing to support businesses across strategic sectors.
President and Chairman of the Board of Directors of Afreximbank, George Elombi, said the initiative reflects the bank’s commitment to supporting member states during periods of global economic stress.
He noted, “This crisis response programme is in tune with our DNA. We understand how our economies work and the pain points associated with these transitory crises. The programme will support African countries in adjusting smoothly to the crisis while strengthening their resilience to future shocks.”
The programme, which was launched on March 31, 2026, also provides targeted support for sectors such as aviation and tourism that have been negatively impacted by disruptions in global travel and logistics.
Afreximbank further disclosed that it had already begun working with financial institutions and corporate organisations to secure alternative sources of fuel, fertilisers and food imports, as existing supply chains continue to experience delays and cost increases.
Beyond financial support, the bank said it would coordinate with regional and international institutions, including the United Nations Economic Commission for Africa, African Union Commission, the African Continental Free Trade Area Secretariat and the Caribbean Community, to strengthen regional cooperation on energy security, trade resilience and supply chain diversification.
The Gulf Crisis Response Programme builds on a series of previous interventions by Afreximbank aimed at mitigating the impact of global economic shocks on African countries. During the COVID-19 pandemic and the Ukraine crisis, the bank deployed billions of dollars in support of member states to sustain trade flows and ensure access to essential goods.
Under its Ukraine Crisis Adjustment Trade Financing Programme for Africa, the bank disbursed approximately $39bn to help countries address liquidity challenges and maintain stable import levels.
Analysts have noted that such interventions have become increasingly important as African economies continue to face repeated external shocks that often translate into rising living costs and economic instability.
However, they also emphasise the need for long-term structural reforms, including strengthening domestic production, improving infrastructure and reducing dependence on imports, to ensure sustainable economic resilience.
Afreximbank reiterated that part of the long-term objective of the $10bn facility is to support the development of productive capacity in key sectors such as energy and minerals, while accelerating the completion of critical infrastructure projects across the continent.
The bank, headquartered in Cairo, Egypt, has remained a key player in financing trade and economic development in Africa for over three decades, with total assets exceeding $40bn as of December 2024.
As the global impact of the Middle East conflict continues to evolve, stakeholders say the effectiveness of the intervention will depend on how efficiently countries such as Nigeria utilise the facility to stabilise their economies and reduce the burden on citizens.
For many Nigerians, the benefits may not come in the form of direct financial assistance, but through improved access to essential goods, reduced supply disruptions and a gradual easing of economic pressures linked to the ongoing crisis.
