The African Export-Import Bank is scheduled to give Nigeria a $1.05 billion syndicated loan secured by oil the following month.
The loan is a component of a bigger prepayment facility worth $3.3 billion that Afreximbank set up, and its terms are dependent on the delivery of crude oil by Nigeria’s National Petroleum Company Ltd.
Denys Denya, Senior Executive Vice President for Finance, Administration, and Banking at Afreximbank, reportedly confirmed the verification of crude availability, clearing the way for the balance to be released in full within the next month, according to Bloomberg.
The loan is intended to boost hard currency supply in the local foreign exchange market and revitalize Nigeria’s economy. Two thirds of it have already been distributed as of January.
With the help of this financial maneuver, Nigeria’s faltering economy will be given a financial lifeline based on future oil production.
