The African Export–Import Bank (Afreximbank) has disbursed a $2.25-billion loan to support the Nigerian National Petroleum Corporation (NNPC) in bolstering services across the petroleum value chain and improving the country’s macroeconomic stability.
The loan is part of a $3.3-billion financial package extended to the NNPC by Afreximbank, Gunvor International BV and Sahara Energy Resources Limited.
In addition to restoring stability, the loan serves to facilitate Nigeria’s access to import financing for raw materials and essential goods, while fostering industrialized growth and expanded trade activities.
“This facility further demonstrates the Bank’s commitment to supporting African economies when such assistance is most needed.
Afreximbank stands by its member countries in good and in difficult times,” said Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank.
Afreximbank and its partners approved the loan last August. NNPC will repay 90% of the loan using proceeds from future oil production.
