President of the African Export-Import Bank (AfriExim Bank), Dr Benedict Okechukwu Oramah, recently announced that the bank is prepared to support Guyanese oil service businesses with up to US$1 billion in financing.
Speaking at the 2025 Guyana Energy Conference and Supply Chain Expo on Tuesday, Oramah disclosed that the bank is ready to establish a financing facility to support local businesses. He outlined that the oil and gas industry is capital intensive and financing can be a burden to small and medium scale businesses.
“AfriExim Bank can help set up an oil service financing facility from Guyana of up to US$1 billion because the oil service sector is capital-intensive,” he said.
The AfriExim Bank President praised Guyana’s local content policy and its rapid implementation by the government in 2021. He highlighted that this law will help to increase the wealth of the many Guyanese businesses. “Very proud again, that Guyana has already enacted the appropriate local content law, and we thank the president for taking action quickly on this,” he said.
Financing has been a topical issue, particularly for local businesses, particularly in light of the country’s burgeoning oil industry, with concerns raised about the ability of local companies to compete for contracts and participate fully due to limitations in available funding.
He pointed out that the banking sector, the industrial sector and other services must work together to make local content more impactful. Oramah stressed that this financing could also serve to empower local banks. “This US$1 billion can serve as a guarantee to enable the local banks to participate more effectively in lending,” he stated.
Moreover, he highlighted the need for Guyanese entrepreneurs to take a more active role in the sector. He outlined that retaining 50% of oil service sector earnings within Guyana could significantly boost the country’s Gross Domestic Product (GDP).
He urged Guyanese entrepreneurs to integrate themselves into the oil value chain. “It is therefore urgent that Guyanese entrepreneurs become active players in the oil value chain by, for instance, owning and operating oil assets, providing essential services to the sector, or becoming middle traders in the industry,” he said.
The AfriExim Bank President highlighted Nigeria’s experience, and how local content empowered Nigerian business with technology and knowledge transfer.
