African Export-Import Bank Afreximbank has completed upsizing its reserve-based lending facility for Oando Oil Limited to 375 million.
The company had paid down the original 525 million facility to 100 million in 2024, creating significant headroom for refinancing and enhancing Oandos financial flexibility.
The upsizing, led by Afreximbank with support from Mercuria Asia Resources PTE Limited Mercuria, marks a key milestone in Oandos strategic capital management. It will support Oandos ambition to achieve production of 100,000 barrels of oil per day and 1.5 billion cubic feet of gas per day by the end of 2029, effectively boosting Nigerias oil output and reinforcing the countrys position in the global energy market.
According to Afreximbank, the upsizing is expected to drive local economic growth by creating jobs, improving infrastructure, and fostering technological advancements in the oil and gas sector.