The African Export-Import Bank (Afreximbank) has signed a $1.04 billion deal with the Nigerian National Petroleum Corporation (NNPC) to boost oil output.
The deal was signed at the ongoing Intra-African Trade Fair (IATF) in Durban, South Africa.
While lauding the deal as very innovative, Benedict Oramah, president of Afrieximbank, explained the bank’s decision in the context of the world’s climate change agenda, saying this is a case of adopting a balanced approach.
Oramah said that Africa is more of a victim than a perpetrator in the emission of destructive greenhouse gases, contributing only a meagre 4 percent.
He added that majority of the continent, ironically having been left behind development-wise, still has to depend on fossil fuel for survival and should thus not bear the brunt of the punishment for the mistakes of others.
