By Edith Ike-Eboh and Emmanuel Afonne
The Nigerian National Petroleum Company (NNPC) Limited started its week with the securing of a 5 billion dollars corporate finance commitment from the African Export Import Bank (Afreximbank) to fund major investments in Nigeria’s upstream sector.
For NNPC, securing the facility is a milestone achievement, especially in its bid to scale up investments in the oil and gas industry.
The loan will provide a veritable platform for the NNPC Limited to successfully implement the Petroleum Industry Act (PIA) in the Industry.
The new legislation has provided business opportunities that will enable the NNPC earn more revenue for the country and attract Foreign Direct Investment (FDI) into the Nigerian energy sector.
The loan will therefore serve as a facilitator for the upcoming projects.
Additionally, the PIA has raised stakeholders’ expectations on the company, even as it has given it a wide room to stimulate investments in the oil and…
Source: News Agency of Nigeria
