Leading Nigerian oil company Tenoil Petroleum Services and the African Export-Import Bank (Afreximbank) have inked a USD 100 million Senior Secured Pre-Export Finance Facility.

At the ongoing 3rd Intra-African Trade Fair (#IATF2023) in Cairo, Egypt, Mr. Sam Nwanze, Executive Director, Tenoil, and Mrs. Gwen Mwaba, Director & Global Head, Trade Finance, Afreximbank, inked the agreement.

The signing of the Term Sheet is a strategic investment aimed at propelling the development of critical infrastructure within Nigeria’s oil sector, specifically targeting the capital expenditure on the Ata and Inanga fields located in OML 68.

The impact of this financing extends beyond business—it is a catalyst for economic growth, job creation, and the enhancement of local capabilities in Nigeria’s oil and gas industry. A standout feature of this investment is the facilitation of the construction of a 9 KM pipeline, a pivotal element for the efficient transportation of crude oil.

The signing underscores Afreximbank’s unwavering commitment to advancing industrialization and economic integration within Africa. By supporting Tenoil, Afreximbank is not just financing an enterprise; but also investing in the economic empowerment of the region, setting a benchmark for future infrastructure and development projects.