The Nigerian National Petroleum Company Limited and African Export-Import Bank have expanded their strategic partnership aimed at accelerating energy development, infrastructure financing and industrial growth across Africa.
The agreement was reached during a high-level meeting in Abuja between NNPC Group Chief Executive Officer, Bashir Ojulari, and Afreximbank President and Chairman of the Board of Directors, George Elombi.
According to a statement released by NNPC on Monday, both institutions discussed new opportunities for collaboration in energy financing, oil and gas infrastructure development, and investment mobilisation targeted at strengthening Africa’s petroleum sector amid growing pressure on global capital flows to fossil fuel projects.
NNPC said the discussions also highlighted its “Enterprise First” strategy, a corporate transformation framework designed to reposition the national oil company as a commercially focused and performance-driven energy enterprise capable of competing globally.
Both parties agreed to pursue a shared continental agenda centred on energy security, industrialisation and regional economic integration through sustained collaboration and periodic strategic engagements.
“The parties aligned on a common vision for Africa’s energy future and agreed to convene periodic strategic sessions, with the first expected later this year,” the statement noted.
A major focus of the talks was the proposed African Energy Bank, which is expected to be headquartered in Abuja. NNPC reaffirmed its commitment to supporting the initiative, which is widely viewed as a strategic response to declining international financing for hydrocarbon investments in Africa.
Afreximbank also pledged continued financial support for NNPC’s expansion plans through structured financing arrangements, refinancing support and risk-sharing mechanisms aimed at unlocking investment across Nigeria’s oil and gas value chain.
The partnership reflects a broader push by African financial institutions and state-backed energy companies to mobilise indigenous capital for large-scale energy and infrastructure projects as the continent seeks to balance energy transition goals with industrial development and energy access priorities.
