NNPC, Afreximbank Partner on African Energy Development

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited on Monday said it is partnering with the African Export-Import Bank (Afreximbank) to chart a path for African energy development.

A statement by the company noted that the partnership was discussed last week, when the Group Chief Executive Officer of NNPC Ltd., Mr Bashir Ojulari, received in audience the President and Chairman of the Board of Directors of the Afreximbank, Mr George Elombi, at the NNPC Towers, Abuja.

NNPC said it set out its direction under the Enterprise First framework, positioning the company as a high-performance Partner of Choice built on execution and profitable growth.

Afterwards, both leaders agreed on a shared agenda for continental energy development and industrialisation, and to hold regular strategic sessions, the first session scheduled later in the year.

On financing, the state oil company said it led the discussion on the planned African Energy Bank (AEB), to be headquartered in Abuja, and confirmed its readiness to deepen its investment.

The Cairo-based lender was instrumental in the founding and funding of the energy bank that is soon to be operational.

Afreximbank affirmed its commitment to the company’s growth through risk-sharing, structured financing, and further refinancing to develop Nigeria’s oil and gas resources, the statement added.