Heirs Energies Ltd, a Nigerian oil and gas producer, has secured a $750 million financing agreement with the African Export-Import Bank (Afreximbank), in a deal designed to expand the company’s production capacity and drive energy efficiency, Bloomberg reported.

The funding, which includes refinancing existing debt and financing expansion plans, is intended to boost crude oil production from 55,000 barrels per day to an estimated 100,000 barrels over the next three years. The company also plans to deliver roughly 250 million standard cubic feet of gas, positioning itself as a key contributor to Nigeria’s energy sufficiency.

Samuel Nwanze, executive director and chief financial officer of Heirs Energies, said the deal will support both organic growth and strategic acquisitions. “What we are doing with this financing is positioning the company for the next phase of growth,” he said, adding that the company is evaluating opportunities to acquire assets that align with its expansion strategy.

The agreement underscores the role of Afreximbank as a catalytic financial institution for African businesses. Tony Elumelu, chairman of Heirs Holdings, described the facility as evidence of African capital supporting African enterprise. “When financial institutions support you, the least you owe them is to perform. That encourages them to do more for you and for others,” he said.

George Elombi, Afreximbank president and chairman, said the bank is developing a dedicated energy bank to manage its portfolio in the sector. “We will put tremendous capital into this, ensuring it is innovative and impactful,” he said, highlighting the bank’s ongoing commitment to backing African companies.