A coalition led by United Kingdom and France, alongside nearly 30 countries, is stepping up efforts to secure safe passage through the Strait of Hormuz, a move expected to ease pressure on African economies facing rising fuel costs.
The push follows a March 19 meeting involving major economies, with plans underway for coordinated maritime security operations to protect the vital oil route amid tensions linked to Iran.
Although the waterway remains open, disruptions have increased shipping costs and driven up global oil prices, worsening inflation across fuel-dependent African nations.
To cushion supply shocks, countries are seeking alternative fuel sources, while African Export-Import Bank is backing energy resilience with a $2.5 billion contribution to the Dangote Refinery project.
If successful, the coalition’s efforts could stabilize oil flows and bring relief to African economies strained by volatile energy prices.
Tags: Strait of Hormuz, United Kingdom, France, Iran tensions, global oil prices, African economies, fuel supply, maritime security, Afreximbank, Dangote Refinery, energy security, international coalition
