The Nigerian National Petroleum Corporation (NNPCL) has secured a $3 billion Emergency Crude Repayment loan from AFREXIM Bank.
This was disclosed in a statement on Wednesday, August 16, 2023, by the NNPCL.
According to the NNPCL, the loan, which is projected to bring relief to the naira, was signed at the bank’s headquarters in Cairo, Egypt.
The corporation further stated that the loan will bring immediate relief that will assist the federal government in its ongoing fiscal and monitoring reforms in a bid to stabilize the exchange rate.
The statement by the NNPCL reads, “The NNPC Ltd. and AFREXIM Bank have jointly signed a commitment letter and term sheet for an emergency $3 billion crude oil repayment loan.
“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursements that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate”.
