Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Afreximbank to support NNPC in $5bn fundraise

© Supplied by Nigerian President MMan sits at desk with Nigerian flags behind
Picture shows; President Buhari. Abuja, Nigeria. Supplied by Nigerian President Muhammadu Buhari, via Facebook Date; Unknown

The African Export-Import Bank (Afreximbank) will work with Nigerian National Petroleum Corp. (NNPC) to raise $5 billion.

NNPC head Mele Kyari said the financing would support the company’s upstream business and “facilitate energy supply and transition”. The agreement paves the way for further collaboration

The two sides held talks on January 26 in Cairo.

Afreximbank said it would help fundraise for NNPC. The cash would support acquisitions and investments in “energy producing assets in Nigeria as part of NNPC’s growth strategy following its incorporation as a limited liability company”.

NNPC became a limited company as a result of the passing of the Petroleum Industry Act (PIA), signed into law in August 2021.

“This commitment is a step in the right direction for Nigeria,” said African Energy Chamber (AEC) chairman NJ Ayuk.

“This level of commitment not only reaffirms the potential of the country’s upstream sector, but emphasizes the capability of African financial institutions. However, this is only the beginning, and a lot more needs to be done to ensure the continent fully exploits its immense resources.”

NNPC and Afreximbank also held talks on a plan to establish a continental energy bank. A number of institutions have come out in support of such a plan. These include the African Petroleum Producers’ Organisation (APPO) and the AEC.

Nigerian Minister of State for Petroleum Resources Timipre Sylva held talks on an energy bank with his counterpart in Equatorial Guinea, Gabriel Mbaga Obiang Lima, in September. “We must set up structures to fund our system,” Sylva said.

The move continues Afreximbank’s support for the Nigerian energy industry. It signed a $1.04bn facility in November 2021 to finance exploration. The bank has also signed up to back a floating LNG (FLNG) facility in Nigeria, backed by UTM Offshore.

Updated at 6:52 pm with AEC comment. 

Recommended for you

More from Energy Voice

Latest Posts