FinanceNews

Afreximbank signs $1.04bn deal with NNPC

Afreximbank signs $1.04bn deal with NNPC

African Export-Import Bank (Afreximbank) has signed a $US1.04 billion deal with the Nigerian National Petroleum Corporation (NNPC). Information Guide Nigeria

According to BLUEPRINT, this will be used to finance the exploration of petroleum.

BLUEPRINT reports that the agreement was concluded yesterday in Durban at the second intra-Africa trade fair, which opened on 15 November and will end on 21 November.

The Nigerian National Petroleum Corporation (NNPC) will enter an FSA and will deliver 35,000 barrels of crude oil per day.

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As reported by BLUEPRINT, the proceeds of the facility will boost tax revenues and foreign currency receipts and create thousands of jobs in the oil and gas refining value chain, all by more than US$2.4bn to the immediate benefit of the government. This will in return improve the balance of trade and Gross Domestic Product in Nigeria.

According to BLUEPRINT, the deal was signed by Mr. Umor Ajia, NNPC Executive Director and Group Chief Executive Officer on behalf of NNPC.

Describing the deal as innovative, Afreximbank President and Chairman of the Board of Directors Prof. Benedict Oramah said Africa is more of a victim than a perpetrator in the emission of destructive greenhouse gases, contributing only a meagre 4%, while a majority of the Continent, having been left behind in development, still has to depend on fossil fuel for survival, and should not bear the brunt of the punishment for the mistakes of others. Jamb Result

Prof. Oramah said, “Stopping development for parts of Africa today to achieve a clean environment for the whole world tomorrow is utterly foolhardy.”

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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