By Kurt Campbell
kurt@newsroom.gy
At the opening of the 2025 Guyana Energy Conference and Supply Chain Expo on Tuesday, Professor Benedict O. Oramah, President and Chairman of Afreximbank, delivered a stirring call for increased local participation in Guyana’s burgeoning oil sector.
The African Export-Import Bank (Afreximbank), a key player in the global oil and gas financing landscape, has announced its intention to establish a US$1 billion oil service financing facility aimed specifically at supporting local companies.
This ambitious initiative aligns with the government’s efforts to expand local content policies, ensuring that the country’s rapidly growing oil industry brings sustainable benefits to its economy and businesses.
“We must say NO to serving as an unpaid warehouse for rich economies. Guyana and other resource-rich nations must leverage their natural wealth to transform their economies, empower local businesses, and drive sustainable development,” Prof. Oramah declared passionately to an attentive audience.
President Dr. Irfaan Ali greets Professor Benedict O. Oramah, President and Chairman of Afreximbank
The significant initiative comes at a time when Guyana’s oil industry is experiencing exponential growth. With an estimated 12 billion barrels of crude oil reserves and production levels soaring, the country stands on the precipice of a new economic era.
Prof. Oramah stressed the need for Guyana to strategically manage its resources to avoid the pitfalls of ‘Dutch Disease,’ where an over-reliance on oil extraction can undermine other sectors of the economy.
The Afreximbank President pointed to the potential transformative power of Guyana’s oil resources, highlighting that an estimated $5 to $8 billion in oil service sector revenue is being largely diverted to foreign service companies. He argued that if Guyana could retain just 50% of this revenue within its borders, it could boost its GDP by an impressive 29-47%.
“Given the level of oil production in Guyana, the country has a golden opportunity to not only benefit from resource extraction but also to build a thriving local supply chain and infrastructure,” Oramah said.
“This requires proactive policies that prioritise local content and enable Guyanese entrepreneurs to become integral players in the oil value chain.”
Afreximbank’s financing plan is seen as a vital catalyst in this transformation, helping local businesses tap into the financing and expertise needed to scale their operations.
In his address, Prof. Oramah also urged the Government of Guyana to secure long-term off-take contracts with oil buyers, a move that would offer greater market access and price stability amid the volatility often associated with global oil markets.
With a view to strengthening intra-regional trade, Oramah mentioned Afreximbank’s new $3 billion Revolving Intra-African Oil Import Financing Programme, which has already supported the development of refining capacity in countries like Nigeria and Angola. He believes similar models could be adapted to benefit Guyana and the wider Caribbean, enhancing energy self-sufficiency and economic resilience.
“Our experiences in Africa show that strategic choices made by governments today will shape the outcomes of tomorrow’s oil economies,” he explained.
“Afreximbank is here to help build a resilient, inclusive energy sector in Guyana, and we are prepared to offer the same support we have provided to oil-rich nations across Africa,” he added.
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