AFREXIMBANK To Finance Critical Projects In Nigeria’s Oil And Gas Industry

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The African Export and Import Bank (AFREXIMBANK) has expressed interest in participating in the refinancing of critical projects in Nigeria’s oil and gas industry, including the Ajaokuta-Kaduna- Kano (AKK) pipeline system.

The bank’s executive vice president, Mr. Amr Kamel, made the proposal when he led his management team on a business delegation to the Nigerian National Petroleum Corporation (NNPC) headquarters in Abuja recently. He said the African Export and Import Bank (AFREXIMBANK) is ready to finance critical projects I in the refineries rehabilitation, downstream infrastructure, including pipelines.

Kamel said the bank’s management team thought it imperative to interact with NNPC, being a key player in one of the most viable sectors of the Nigerian economy which is the largest in Africa, with a view to seeking collaboration on ways to further grow the oil and gas sector.

The NNPC group managing director, Mallam Melle Kyari, in his response, thanked the bank for their desire to participate in the Nigerian oil and gas industry. He assured them that the Nigerian national company will be happy to partner with them in the growth plans of the President Muhammadu Buhari administration, adding that the NNPC is open to financial and technical partnership with reputable financial institutions like the AFRIXIMBANK to develop the Industry.

“We have a number of financing needs, it depends on how much you are bringing to the table. We need support particularly in refineries rehabilitation, depot optimization and pipelines financing”, the GMD stated. He assured the team of his readiness to work with the bank, adding: “We will provide you with basic information. We are ready to talk to you”.

By Chibisi Ohakah

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