Azikel Petroleum Refinery, a subsidiary of the Azikel Group, has signed a debt funding with the African Export-Import Bank for the ongoing  Azikel refinery project.

In a statement issued in Cairo and made available to The Guardian through Azikel group media aide, Austin Ebipade, the financial deal reached between Afreximbank and Azikel Petroleum Refinery was achieved at the intra-African Trade Fair 2023 held between November 9 and 15, 2023 in Cairo, Egypt.

The debt funding agreement was signed by the President of Azikel Group, who is also the Chairman of the Azikel Petroleum Refinery, Dr. Azibapu Eruani, and the Director, Project and Asset Based Finance of Afreximbank, Helen Brume, on behalf of Afrexim Bank.

Present to witness the agreement signing were the Presidents of Egypt, Abdel Fattah El-Sisi, Zimbabwe, Emmerson Mnangagwa, Malawi, Lazarus Chakwera, former President of Nigeria, Chief Olusegun Obasanjo, former Vice President of Nigeria, Namadi Sambo, and the President of Afreximbank, Prof. Benedict Oramah.

According to the statement, Azikel Refinery Project is aimed at tackling the challenges of refined petroleum products insufficiency in Nigeria.

Speaking after the signing ceremony, Dr. Eruani, reiterated his commitment to the development of Nigeria and the African continent by his unquenchable passion in guaranteeing the industrialisation of Nigeria, creating energy sufficiency and sustainable development.

He said Nigeria would be the hub of refined products and the abundance of clean energy, which will be exported to the African continent and beyond.