The Nigerian National Petroleum Company Ltd has secured a $5billion corporate finance commitment from the African Export-Import Bank to fund major investments in Nigeria’s upstream sector.
As contained in a document jointly signed by the President of Afreximbank, Benedict Oramah, and the Group Managing Director, NNPC Limited, Mele Kyari the pact aims to facilitate energy supply and transition.
It states that Afreximbank agreed to enter into a financial advisory and fundraising mandated lead arranger role to raise the sum of $5 billion towards the acquire, invest and operate energy-producing assets in Nigeria.
It reads, “NNPC limited is seeking to raise $5 billion as corporate finance to fund major upstream investments.
“Afreximbank agreed to enter into a financial advisory and fundraising mandated lead arranger role to raise the sum of $5 billion towards the acquire, invest and operate energy-producing assets in Nigeria as part of NNPC’s growth strategy following its incorporation as a limited liability company.
Read also: NNPC cautions against panic buying of petrol
“As part of this landmark transaction, Afreximbank intends to underwrite $1 billion as part of forwarding sales base trade finance transaction.
“NNPC and Afreximbank explored the innovative idea of establishing a Pan-African energy transition bank and agreed to collaborate towards that objective.”
as part of NNPC’s growth strategy following its incorporation as a limited liability company.
Mele Kyari, Afreximbank working with NNPC Ltd to raise $5 billion in financing to support our upstream Businesses and facilitate energy supply and transition. Opening gate for many more opportunities of collaboration with Afreximbank
To deepen the business collaboration between our two institutions
