Multilateral financial institution the African Export-Import Bank (Afreximbank) is providing a $1 billion crude oil prepayment facility to Nigeria.
Aimed at boosting the country’s foreign reserves, the facility will be released in May 2024.
The loan represents part of a larger $3.3 billion crude prepayment facility, with Afreximbank having already disbursed $2.25 billion in January 2024.
The country’s state-owned Nigerian National Petroleum Corporation will repay the loan using revenue generated from crude sales.
According to Afreximbank Senior Vice President for Finance, Administration and Banking Denys Denya, the verification of the crude availability has been completed, and the institution expects to finalize the release of the balance next month.
