NNPC Attracts $5bn from Afreximbank for Oil Investments

By Aduragbemi Omiyale

Corporate finance worth $5 billion has been obtained by the Nigerian National Petroleum Company (NNPC) Limited for major oil investments in the country.

The former state-owned oil agency secured the funding from the African Export-Import Bank (Afreximbank) on Wednesday.

In a statement yesterday, it was disclosed that the deal for the funding package was concluded at a meeting in Cairo, Egypt.

The gathering had the Group Managing Director/Chief Executive Officer of the NNPC, Mr Mele Kyari; the President and Chairman of the Board of Directors of Afreximbank, Mr Benedict Oramah; and other key officials of both organisations.

According to the statement, the $5 billion corporate finance would be used to specifically fund major investments in Nigeria’s upstream sector.

This fund was made possible because of the signing into law the Petroleum Industry Act (PIA) by President Muhammadu Buhari last year.

The law was put together to attract significant investments in the nation’s oil and gas industry.