African Export-Import Bank has agreed to raise the sum of $5 billion as corporate finance to fund major investments in Nigeria’s upstream sector.
This was contained in a statement signed by the President and Chairman of the Board of Directors of the bank, Prof Benedict Oramah on Wednesday.
The development, a dividend of the Petroleum Industry Act and the incorporation of the Nigerian National Petroleum Company as a limited liability company, was a fallout of the meeting between the chairman of the Board of Directors and President of the African Export-Import Bank (Afreximbank) and the NNPC Ltd team led by the Group Managing Director/Chief Executive Officer , Malam Mele Kyari, in Cairo, Egypt on Wednesday.
The meeting agreed to intensify efforts at deepening investment in Nigeria’s oil sector.
The NNPC and the Afreximbank agreed to, among other things, deepen the business collaboration between the institutions.
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