Nigeria to Get Oil-Backed $1 Billion Afreximbank Loan in May
- Loan will help revive economy, boost supply of hard currency
- Afreximbank also plans to fund Uganda’s oil pipeline project
Lagos, Nigeria.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigeria is set to receive $1.05 billion from a syndicated loan backed by oil by the end of May to help revive its economy and boost the supply of hard currency on the local foreign-exchange market.
The funds form part of a $3.3 billion prepayment facility arranged by African Export-Import Bank that will be repaid using crude cargoes from Nigeria’s state-owned energy firm National Petroleum Co. Two-thirds of the largest syndicated loan raised by Africa’s biggest oil producer was disbursed in January.