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Niger enters African oil club with historic first export to China
Niger is set to join the African oil club as it is set to export its inaugural shipment of oil this month, as part of a landmark $400 million agreement with China National Petroleum Corporation (CNPC), a state-owned entity.
Under the terms of the agreement, Niger will commence sending oil to China over 12 months as repayment, with an attached 7% interest rate, Semafor reports.
Niger’s new move follows severance of ties with France and the US.
“There is no shadow over this as we have safeguarded the interests of our country," said Prime Minister Ali Mahaman Lamine Zeine
Notably, CNPC has already constructed a substantial 1,200-mile pipeline to facilitate the transportation of oil from Niger to its neighbouring country, Benin. This infrastructure investment is part of a larger $4.6 billion commitment by CNPC to bolster Niger's petroleum industry.
Economic projections suggest a growth surge of over 12% for Niger's economy this year, positioning it as one of the fastest-growing in sub-Saharan Africa, as stated by the World Bank. For Niger, this loan agreement is perceived as a crucial lifeline, particularly for its military junta, which assumed power in July of the previous year.
Forecasts from S&P Global Commodity Insights further indicate that Niger is ready to commence shipping 90,000 barrels per day this month, with expectations of this figure increasing to 110,000 barrels per day.
