The United Bank for Africa Plc (UBA), a leading pan-African financial services group, has acted as the lead arranger of a consortium of Nigerian commercial and international banks in a $1.5 billion pre-export finance (PXF) facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

The bank is providing $200 million (N78 billion at I&E exchange rate of N390/$1) to support investment growth and liquidity requirements.

A statement from the bank on Tuesday explained that the facility would provide the much-needed capital for investment in NNPC’s production capacity, which is of strategic importance to the Nigerian economy and the country’s leading source of foreign exchange earnings.

Other participants in the NNPC deal included Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix.

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