Nigeria has received additional disbursement of $925 million under a syndicated $3.3 billion crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company (NNPC) Limited.
The latest disbursement brought the total current funded facility size to $ 3.175 billion after initial funded commitments of $2.25 million in December 2023.
Arranged and coordinated by the African Export-Import Bank (Afreximbank), the accordion arrangement saw the raising of a combined total of $925 million from a consortium of crude oil off-taker lenders, including Oando Group and Sahara Energy Resource Limited, among others.
The transaction is expected to provide further support for Nigeria’s macroeconomic stability and long-term economic growth while enhancing the country’s industrialisation and trade development efforts. President of African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, said the milestone achieved thus far on the $3.3 billion facility demonstrates the bank’s capabilities in performing its role as a crucial development partner for Africa.
