The Nigerian National Petroleum Company (NNPC) Ltd announced yesterday that it had opened talks with the United States Finance Corporation and Exim Bank to seek financing for its multi-billion-dollar gas projects.
Group Chief Executive Officer of NNPC Ltd, Mele Kyari, disclosed this at the Nigerian International Economic Partnership held in New York.
Kyari said: “Inclusion (in energy transition) means that we need to be supported. We are already talking to the US DFC, and the EXIM so that they can give us financing and funding for our gas projects and this is very critical so that we can have that flexibility to move forward and at the back of this.
“I’m sure some of you may be aware that today, we are getting a grant to build baseline carbon emission studies in our country by the United States Government and this is very helpful in the sense that Mr. President has also asked that we need to be supported. Currently, the major source of financing we are having is from the African Exim.”
Nigeria’s transition to net zero by 2060 requires enormous investments in gas projects which are the country’s transition fuel.
However, Kyari said Nigeria is looking for opportunities to leverage the enormous gas resources in the country to provide the possibility that is required for the energy transition.
“We are embarking on massive infrastructure and to see how we can deliver the Morocco gas pipeline which will pass through several countries to provide several securities including bringing people out of poverty and also an opportunity that is there that we are doing also in the domestic market, increasing more gasses in the domestic market,” he said.
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