• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Monday, June 16, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Natural Resources

Afreximbank, NNPC in $1.04bn oil exploration deal

The Matters Press by The Matters Press
November 18, 2021
Reading Time: 2 mins read
0
Kenya hits the globe for oil investment

Oil

Oil

The African Export-Import Bank (Afreximbank) has signed a $1.04 billion dollar facility with the Nigerian National Petroleum Corporation (NNPC) to finance oil exploration.

RELATED POSTS

Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF

Nigeria’s talent export initistive a game changer

Baba-Ahmed’s Assessment of Tinubu’s Performance lacks depth and reflects personal frustration – TDF

A statement issued by the bank on Wednesday, said that the agreement was concluded in Durban, South Africa, at the second Intra-Africa Trade fair (IATF2021), which began on Monday.

According to the statement, the transaction comprised a Pre-Export/Shipment Finance Facility underpinned by a Forward Sale Agreement (FSA) and Offtake Contracts from the NNPC, acting as the borrower and seller.

“NNPC will enter a FSA within which it shall deliver 35,000 barrels of crude oil per day.

“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 $2.4 billion dollars to the immediate benefit of the government, thereby improving the balance of trade and Gross Domestic Product (GDP) in Nigeria.”

Prof. Benedict Oramah, Afreximbank President, in explaining the bank’s decision in the context of the world’s climate change agenda, said it was a case of adopting a balanced approach.

According to him, Africa was more of a victim than a perpetrator in the emission of destructive greenhouse gases, contributing only a meagre four per cent.

He added that meanwhile a majority of the continent, ironically having been left behind development wise, still had to depend on fossil fuel for survival and should thus not bear the brunt of the punishment for the mistakes of others.

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

The statement said that the deal was signed by Mr Umor Ajia, NNPC Executive Director and Group Chief Executive Officer, on behalf of NNPC.

It added that the transaction complied with Afreximbank’s mandate to promote local content in Africa’s oil and gas and other mining industries and generate foreign receivables into Africa.

The fair, which would end on Sunday, is expected to close about $40 billion dollars’ worth of deals.

Organised by Afreximbank, in collaboration with the AU and the AfCFTA secretariat, the event is being attended by over 1,100 entities exhibiting their goods and services to over 10,000 delegates, visitors and buyers from over 95 countries from the continent and beyond.

Tags: Oil
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF
Energy

Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF

June 16, 2025
Commission plans to liberate 38% illiterate Nigerians
Economy/Technology

Nigeria’s talent export initistive a game changer

June 15, 2025
Baba-Ahmed’s Assessment of Tinubu’s Performance lacks depth and reflects personal frustration – TDF
Economy/Technology

Baba-Ahmed’s Assessment of Tinubu’s Performance lacks depth and reflects personal frustration – TDF

June 15, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Energy

Military deploys 6,195 soldiers to combat terrorism, insurgency in Nigeria

June 15, 2025
Buhari underscores the opportunities in a single African air transport
Economy/Technology

Maiden flight to Ebonyi

June 14, 2025
Reasons not to attack nuclear facilities – UN
Energy

Reasons not to attack nuclear facilities – UN

June 14, 2025
Next Post
SON alerts on second hand gas cylinders

Abuja cheating gas stations sealed

Trading in Nigerian stock market dips further N83bn

NGX outlines benefits of Special Purpose Acquisition Companies

Recommended Stories

N125bn MSMEs intervention: IT critical to ensuring transparency – ITSSP

SMEs critical to of economic growth

December 9, 2023
BOI wins award for $1bn syndicated term loan facility

BoI makes profit of N62bn

April 20, 2022
Africa needs partnership to boost blue economy – Tinubu

Group hails Nigeria’s President, APC Chair, Over Institute

May 22, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF
  • Nigeria’s talent export initistive a game changer
  • Baba-Ahmed’s Assessment of Tinubu’s Performance lacks depth and reflects personal frustration – TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us