Nigeria, Africa’s biggest crude oil producer, is set to receive a $1 billion loan from the African Export-Import Bank (Afreximbank) in May. The loan is part of a larger crude oil prepayment facility aimed at boosting Nigeria’s foreign exchange reserves and stimulating the economy.
The $1 billion loan is just one part of a $3.3 billion facility, sponsored by the Nigerian National Petroleum Company Limited (NNPCL). Afreximbank made an initial disbursement of $2.25 billion in January, and the second tranche of $1.05 billion is expected to be disbursed in May. Nigeria will use the funds from the loan to repay using proceeds from the sales of crude oil by NNPCL.
Nigeria has been facing challenges related to foreign currency shortages for years, which has hindered its ability to diversify its economy away from crude oil exports. The country missed out on the oil price boom in 2022, which has only added to its economic woes. Mele Kolo Kyari, NNPCL Group Chief Executive Officer, highlighted the importance of this loan facility in improving macroeconomic stability in Nigeria. The participation of global, international and regional syndication firms in the loan is a testament to market confidence in Nigeria’s economic potential.
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