NNPC Claims to Champion Relief For The Naira With $3Billion Emergency Crude Repayment Loan from AFREXIM Bank - Africa’s premier report on the oil, gas and energy landscape.

NNPC Claims to Champion Relief For The Naira With $3Billion Emergency Crude Repayment Loan from AFREXIM Bank

By Abdulwaheed Sofiullahi

The NNPC Ltd. says it has joined. says it has joined forces with the African Export-Import Bank to announce the successful securing of a crucial $3Billion crude oil repayment loan.

The commitment letter and Termsheet for this emergency loan were officially signed in a momentous event held Wednesday August 16, 2023 at the AFREXIM Bank’s headquarters in Cairo, Egypt.

“This strategic move marks a pivotal step towards offering immediate financial support to NNPC Ltd., thereby contributing to the larger efforts of the Federal Government to implement substantial fiscal and monetary policy reforms aimed at fostering stability within the exchange rate market,”, NNPC says.

“The injection of this substantial loan is anticipated to have a far-reaching impact on the economic landscape of Nigeria. As the NNPC Ltd. navigates these challenging times, the partnership with AFREXIM Bank is projected to play a crucial role in bolstering the nation’s financial stability”, the Nigerian state hydrocarbon firm explained.

“This combined action signifies a crucial stride in ensuring the equilibrium of Nigeria’s currency, the Naira. The swift disbursement of funds through this loan is expected to provide the necessary impetus for the government’s ongoing initiatives targeted at enhancing the stability of the exchange rate market”, NNPC declares in the statement.

“As the Nigerian economy stands at a critical juncture, the collaboration between NNPC Ltd. and AFREXIM Bank stands as a beacon of hope, potentially laying the groundwork for a more resilient and prosperous economic future. The signing ceremony, held on foreign soil, underscores the importance of international cooperation in addressing economic challenges and fostering growth”, NNPC affirms. “This development will undoubtedly be closely monitored by financial experts and citizens alike, as it holds the promise of contributing to the nation’s overall economic recovery and stability”, the statement concludes..



No comments yet.

Leave a comment

Comment form

All fields marked (*) are required

© 2021 Festac News Press Ltd..