Benedict Oramah, the President and Chairperson of the African Export-Import Bank (Afreximbank), announced the completion of the first oil production project initiated by Nigeria.
Oramah said that this project will produce 650,000 barrels of oil per day, adding 4% to Nigeria’s gross domestic product (GDP) for a certain period.
He stated that this project represents a significant integration in the refining and petrochemical sector. He added: “The project is valuable not only for transforming the oil sector in Nigeria but also for the African continent as a whole by producing this amount of oil barrels per day, which will be exported to meet the global demand. Moreover, it will be sold at high prices, and that is not surprising because this production or export will cater to the global need.”
Therefore, the bank, along with a group of other financial institutions, decided to provide loans for this project to benefit African entrepreneurs and youth.
He revealed that it would make a big difference, which led to great support from Nigerian banks to implement and develop this project.
