Abuja, April 9, 2024 -Nigeria is to receive additional release of $1.05 billion from its $3.3 billion loans agreement with the African Export-Import Bank (Afreximbank).
It is part of a $3.3 billion prepayment facility arranged by the Nigerian National Petroleum Company Limited (NNPCL).
Two-third of the loan had been disbursed by Afreximbank since January 2024.
Denys Denya, Afreximbank Senior Executive Vice President for Finance, Administration and Banking, said the bank had verified the crude availability and would release the balance next month.
“The verification of the crude availability has happened, so we expect in the next month to finalise the release of the balance. Based on future production, you get the money now,” he said.
The loans will be repaid using crude cargoes from the NNPCL. (GBN)
