States in more trouble as NNPC deducts N242.53bn from March allocation

The Nigerian National Petroleum Corporation (NNPC) on Tuesday, signed a five-year agreement for funds worth $1.04 billion with the African Export–Import Bank (Afreximbank) at the ongoing Intra-African Trade Fair in Durban, South Africa.

The fund would be repaid to the continental bank with about 25,000bpd of crude oil produced by the state oil company.

The deal is said to be mainly for trade financing and export of crude produced by the corporation.

Commenting on the deal, president of the bank, Benedict Oramah, said it would benefit Nigeria, promising to fund similar projects across Africa.

The bank also signed a $250 million contract with an aviation logistics company, Blue Horn, to fund the upgrading of three airports in Nigeria and another $270 deal for oil exploration activities with Mars E&P.

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