Oando Plc is adapting to a changing financing landscape, as European banks have largely withdrawn from funding hydrocarbon projects due to climate policies. The company is now turning to regional financial institutions such as the African Export-Import Bank and the African Finance Corporation, as well as global commodity traders including Vitol, Trafigura, Glencore, and Mercuria. Additionally, the company’s board approved a multi-instrument issuance programme of up to $1.5 billion in August, allowing flexibility to access debt or equity markets as conditions evolve.
Beyond Nigeria, Oando Plc has expanded into Angola and is exploring opportunities in Ghana and Ivory Coast as part of a broader regional growth strategy. Tinubu stressed the importance of mobilizing domestic capital, including pension funds, to support large-scale energy investments across Africa. He also highlighted that ongoing geopolitical tensions will continue to shape global energy security, keeping West Africa’s hydrocarbon reserves in high demand.
Domestically, Nigeria is reaping benefits from shifting global supply chains, with the commissioning of the 650,000 barrels-per-day Dangote Refinery significantly boosting refining capacity. Tinubu confirmed that fuel imports are now limited to price testing or maintenance periods, a major shift from Nigeria’s past reliance on imported refined products. As global energy markets remain volatile, Oando Plc’s expansion plans position Nigeria to play a more prominent role in meeting international demand.
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