Nigeria Anticipates $1.05bn Oil-backed Afreximbank Loan Balance Arrival in May


Nigeria is set to receive a $1.05 billion loan from the African Export-Import Bank (Afreximbank) in May this year, as part of a $3.3 billion prepayment facility arranged by the Nigerian National Petroleum Company Limited (NNPCL), according to Bloomberg reports.

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The funds will be repaid using crude cargoes from the NNPCL.

This follows the disbursement of two-thirds of Africa’s biggest oil producer’s largest syndicated loan in January.

Denys Denya, Afreximbank’s senior executive vice president for Finance, Administration, and Banking, confirmed that the bank has verified the crude availability and anticipates releasing the balance next month.

He stated, “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.”This balance represents part of a $3.3 billion prepayment scheme planned by the African Export-Import Bank, to be repaid through crude oil shipments from NNPCL.

This syndicated loan, backed by Nigeria’s oil reserves, is poised to provide vital funds to revive the economy and address the shortage of hard currency.

The influx of foreign currency is expected to stabilize the local foreign exchange market, facilitating easier importation of goods and fostering international trade, thereby stimulating economic activity and growth.

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Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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