The African Export-Import Bank has signed a $1.04 billion facility with the Nigerian National Petroleum Corporation to finance the exploration of petroleum. 

The transaction comprises a Pre-Export/Shipment Finance Facility underpinned by a Forward Sale Agreement and Offtake Contracts from the Nigerian National Petroleum Corporation acting as the Borrower and Seller.

NNPC will enter an 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 to the immediate benefit of the government thereby improving the balance of trade and Gross Domestic Product in Nigeria – Africa’s largest economy.