The federal government of Nigeria has concluded arrangements to receive $1.05 billion syndicated loan backed by oil towards the end of May 2024.
The loan is part of the $3.3 billion “pre-export finance facility” facilitated by the Nigerian National Petroleum Company (NNPC) Ltd and arranged by the African Export-Import Bank (Afreximbank) in January 2024.
The government has pledged 164.25 million barrels of crude oil at 90,000 barrels per day from 2024 to repay the loan.
Commenting on the loan on Monday, Denys Denya, senior executive vice president for finance, administration and banking at Afreximbank, said: “The verification of the crude availability has happened so we expect in the next month to finalize the release of the balance. Based on future production, you get the money now.”
He said the facility has participation from commercial banks and oil traders, most of which have already secured internal approvals.
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