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NNPC secures $5bn Afreximbank funds for upstream sector investments

By News Desk

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

As gathered, the fund would afford the corporation the opportunity to scale up investments in the oil and gas industry, just as it commenced implementation of the Petroleum Industry Act (PIA).

The fund, according to experts, has been considered by experts and other stakeholders in the industry as a dividend of the PIA and the incorporation of the NNPC as a limited liability company.

Approval of the funds was reached after a meeting between the Chairman of the Board of Directors and President of the African Export-Import Bank( Afreximbank), Prof. Benedict Oramah; and the NNPC team led by the Group Managing Director, Mele Kyari, in Cairo, the Egyptian capital.

The NNPC boss was accompanied to the meeting yesterday by the Chief Financial Officer, Umar Ajiya; the Group Executive Director, Upstream, Adokiye Tombomieye; the Group General Manager, NAPIMS, Bala Wunti; the Managing Director, NNPC Trading, Lawal Sade, and others.

It would be recalled that the Petroleum Industrial Act (PIA) was signed into law by President Muhammadu Buhari last year and NNPC was incorporated by the Corporate Affairs Commission.

The new legislation has provided business opportunities that would enable the oil corporation to earn more revenue for the country and attract foreign direct investment into the Nigerian energy sector.

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