NNPC Gets $5bn Afreximbank Funding For Nigeria’s Oil Industry

The PIA has also raised stakeholders expectations on the company, even as it has given it a wide room to stimulate investments in the oil and gas industry.The NNPC’s $5bn corporate finance commitment from Afreximbank is seen by oil industry stakeholders as a dividend of the Petroleum Industry Act and the incorporation of the NNPC as a limited liability company.

The NNPC’s strategy would also see the company investing in assets to address integrity, bottlenecking and growth issues including rig-less activities, and drilling campaigns in the oil industry. The repayment of the funding is expected to be done through a Forward Sale Arrangement whereby the funds provided will constitute the payment purchase of 90-120kpd of crude to be delivered to the lender over a period.

Also, the NNPC and the Afreximbank agreed to, among other things, deepen the business collaboration between the two institutions.

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