NNPC, as the state-run company is known, will accept bids until May 11, it said today in an e-mailed statement, compared with a previous close of April 5. NNPC didn’t disclose the amount or type of crude being offered for sale.
The company also relaxed conditions on potential buyers, requiring them to have a minimum annual revenue of $500 million and a net worth of at least $100 million, compared with earlier thresholds of $600 million and $300 million, respectively.
Buyers are also now required to include a plan in their bids that include insurance and legal, banking and finance as well as cargo inspection that will be subcontracted to Nigerian firms.
Successful bidders must show commitment to develop the economy of Africa‘s most populous nation with more than 160 million people by investing in industries including oil exploration, refineries, power plants, solid minerals and agriculture, according to the statement.
All tenders received before the earlier close of April 5 remain valid, NNPC said. Buyers who want to change their bids in line with the new terms can do so, according to the statement.
Nigeria is Africa‘s top crude producer and the fifth- biggest source of U.S. imports.