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The Nigeria National Petroleum Corporation (NNPC) Limited, is discussing $2 billion in financing from Nexus Alliance, a company that supports pipeline infrastructure, according to a Bloomberg report.
The state-owned oil producer expects to receive the funds early next year and will use the money to repair and upgrade pipelines damaged by theft and vandalism while reducing leaks.
The NNPC has sought fresh capital in recent months as part of a broader refinancing effort, including discussions with lenders based in Saudi Arabia.
The company, which aims to lift oil output to at least 1.8 million barrels a day and increase gas production, targets to attract investment of $30 billion by 2027. It expects to get halfway to that goal in 2026.
NNPC has a longstanding ambition to sell shares via an initial public offering and is trying to improve transparency and accountability to make progress towards that goal.
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