Nigeria Set to Get Oil-Backed $1 Billion Afreximbank Loan in May

The $1.05 billion loan from Afreximbank is part of a $3.3 billion facility with repayment terms tied to crude cargoes from NNPCL.

The loan aims at addressing Nigeria’s foreign-exchange scarcity and economic diversification efforts.

A substantial portion of this loan, two-thirds, was already disbursed in January, signaling a strong commitment to Nigeria’s economic stabilization efforts.

Denys Denya, Afreximbank’s senior executive vice president for finance, administration, and banking, confirmed the verification of crude availability, paving the way for the final release of the balance within the next month.

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