NNPC, Afreximbank Deepen Energy Partnership

The Nigerian National Petroleum Company Limited has strengthened its partnership with the African Export-Import Bank as both organisations move to advance energy development and industrial growth across Africa.

The collaboration was discussed during a meeting between the Group Chief Executive Officer of NNPC Ltd., Bashir Ojulari, and the President and Chairman of the Board of Directors of Afreximbank, Dr. George Elombi, at the NNPC Towers in Abuja.

In a statement issued on Monday, NNPC Ltd. said the engagement focused on building a long-term strategic partnership aimed at supporting continental energy transformation, investment expansion, and industrialisation.

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The company explained that discussions during the meeting aligned with its Enterprise First framework, which is designed to position NNPC Ltd. as a performance-driven energy company focused on execution, operational efficiency, and profitable growth.

According to the statement, both institutions agreed on a shared agenda for Africa’s energy future and resolved to establish regular strategic engagements to accelerate cooperation across critical sectors.

NNPC Ltd. stated that the first strategic session between both organisations has been scheduled to hold later in the year as part of efforts to strengthen collaboration and monitor progress on agreed initiatives.

A major aspect of the discussions centred on financing arrangements for Africa’s energy sector and support for critical infrastructure development.

The company disclosed that it led discussions on the planned African Energy Bank, which is expected to be headquartered in Abuja.

NNPC Ltd. confirmed its readiness to deepen investments in the proposed institution as part of broader efforts to mobilise financing for energy projects across the continent.

The African Energy Bank is expected to play a key role in supporting oil and gas investments, energy security initiatives, and industrial development within African economies.

According to the statement, Afreximbank reaffirmed its commitment to supporting NNPC Ltd.’s long-term growth plans through various financing structures and strategic support mechanisms.

The bank indicated its readiness to provide risk-sharing arrangements, structured financing solutions, and refinancing support targeted at expanding Nigeria’s oil and gas resources.

The partnership is also expected to improve access to capital for energy projects while supporting the development of critical infrastructure needed to drive industrialisation and economic growth.

Both institutions emphasised the importance of stronger African-led financing frameworks to support energy investments at a time when global financing for fossil fuel projects continues to tighten.

The discussions also reflected growing efforts by African energy institutions to strengthen regional cooperation and reduce dependence on foreign funding sources for strategic projects.

NNPC Ltd. said the engagement with Afreximbank forms part of its broader strategy to position the company as a commercially focused and globally competitive national energy company.

The company added that partnerships with regional financial institutions remain critical to achieving long-term energy sustainability and unlocking investment opportunities within Nigeria’s petroleum sector.

Afreximbank has continued to play an active role in financing major energy and industrial projects across the continent.

The bank previously led a $4 billion financing package for the Dangote Refinery, contributing $2.5 billion to the project.

It also entered into a $750 million oil and gas financing agreement with Heirs Energies as part of efforts to support indigenous energy companies and strengthen Africa’s energy value chain.

In addition, the bank’s Fund for Export Development in Africa recently invested $75 million to support electric vehicle expansion projects across the continent.

Industry analysts believe the latest partnership between NNPC Ltd. and Afreximbank could support Nigeria’s efforts to increase oil production, improve refining capacity, and strengthen energy infrastructure amid rising demand for domestic industrial growth.

The collaboration is also expected to support broader continental goals around energy access, resource development, and economic integration.

NNPC Ltd. maintained that its strategic direction under the Enterprise First framework is focused on delivering measurable performance outcomes, attracting investment, and building long-term value across the energy sector.

The company added that deeper collaboration with financial institutions such as Afreximbank would remain essential in driving sustainable energy development and unlocking Africa’s economic potential.