Investment Times

Nigeria’s NNPC is negotiating another oil-backed loan to strengthen its finances and enable further investment, according to its chief executive, Mele Kyari. With increasing pressure on the state-backed oil company, the Nigerian National Petroleum Corporation (NNPC) plans to raise at least $2 billion, two sources familiar with the matter told Reuters. Nigeria’s government finances heavily depend on the oil exported by NNPC, which is a key source of foreign exchange reserves. However, pipeline theft and years of underinvestment have weakened oil production, while the cost of gasoline subsidies has further drained cash reserves. NNPC chief Mele Kyari confirmed that the...