NNPC secures $5bn Afreximbank facility to boost investments

From Uche Usim, Abuja

A major move towards solving infrastructural challenges in the oil and gas sector was recorded on Wednesday as the Nigeria National Petroleum Company Limited (NNPC) secured a $5 billion corporate financing facility from the Africa Export-Import Bank (Afreximbank).

The Managing Director of NNPC Limited, Mr Mele Kyari made the disclosure in a tweet on Thursday morning.

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Kyari said: “Afreximbank working with NNPC Ltd to raise $5 billion financing to support our upstream businesses and facilitate energy supply and transition. Opening gate for many more opportunities of collaboration with Afreximbank”.

The facility rides on the back of the Petroleum Industry Act (PIA) which seeks to unlock a plethora of investment opportunities in the oil and gas sector.