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

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The Nigerian National Petroleum Company Ltd has secured a $5 billion corporate finance commitment from the African Export Import Bank to fund major The Nigerian National Petroleum Company Ltd has secured a $5 billion corporate finance commitment from the African Export Import Bank to fund major investments in Nigeria’s Upstream sector.

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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