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Oil trade and export: NNPC receives support from Afreximbank

18/11/2021
Categories: Companies

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The Nigerian National Petroleum Corporation (NNPC) and the African Export-Import Bank (Afreximbank) signed an agreement worth USD 1.04 billion on Tuesday, November 16, 2021. This partnership is dedicated to the financing of trade and oil export.

On the sidelines of the Intra-African Trade Fair 2021 (IATF2021), Afreximbank released USD 1.04 billion to NNPC. The amount will not be used for oil exploration, but mainly to finance trade and the export of crude produced by the national oil company. Under the terms of the agreement, the sum will be repaid to the continental bank along with about 25,000 barrels per day (bpd) of crude oil produced by the national oil company.

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