Nigeria/NEXI Provides Overseas Investment Insurance to Support Investment Project in Utility Gas Sales Business for Industry Customers
Nippon Export and Investment Insurance
Nippon Export and Investment Insurance (NEXI, Chairman and CEO: Atsuo Kuroda) has decided to provide Overseas Investment Insurance for an investment made by Sojitz Corporation (Sojitz) for a gas retail business project in the Federal Republic of Nigeria (Nigeria).
In the project, Sojitz acquires shares of Axxela Limited (Axxela), a company that supplies gas to industry customers in Nigeria, to become the first Japanese company entering the gas retail business in the country.
While Nigeria is anticipated to see a rapid growth, the country aims to balance between progressing its economic growth and improving the air quality in the country. To that end, Nigeria is determined to promote the use of natural gas within the country and to reduce the flaring of associated gas into the atmosphere.
Axxela and its affiliate group companies are renowned for providing a stable gas supply to their industry clients of more than 200 companies in Nigeria and the neighboring countries in West Africa including Togo, gaining high recognition from those clients. With an environmental perspective, Axxela Group aims to contribute to CO2 reduction through its business expansion, encouraging its clients to shift their energy sources to gas from diesel and heavy oil.
As a governmental financial institution of Japan, NEXI will continue to actively promote the development of Japanese companies and businesses into the global market.
| Insured | Sojitz Corporation |
| Ultimate Investee | Axxela Limited |
| Covered Risk | Political risk 100% |
| Tenor | 2 years |
Contact: Overseas Investment Insurance Underwriting Group I, Underwriting Department
Tel: +81-(0)3-3512-7668