PIA: NNPC secures $5bn Funding From Afreximbank For Nigeria’s Oil industry

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

The funding commitment is a fallout of the meeting between the Chairman of the Board of Directors and President of the African Export-Import Bank( Afreximbank), Prof Benedict Oramah; and the NNPC Ltd team led by the group managing director/chief executive officer, Malam Mele Kyari, in Cairo, Egypt on Wednesday.

Kyari was accompanied on the trip by the Chief Financial Officer, Umar Ajiya; the Group Exceutive Director , Upstream, Engr. Adokiye Tombomieye; the Group General Manager, NAPIMS, Mr. Bala Wunti; the Managing Director, NNPC Trading, Mr Lawal Sade, and others.

The move is a major milestone achievement in the quest for the corporation to scale up investments in the oil and gas industry following the commencement of the implementation of the Petroleum Industry Act.mmadu Buhari on 16th August, 2021.

Following the assent of the President, the NNPC LTD was incorporated by the Corporate Affairs Commission on September 22 last year after it received application for its registration from the Federal Government.