The African Export-Import Bank (Afreximbank), a multilateral financial institution, is providing a $1 billion crude oil prepayment facility to Nigeria.
This initiative, aimed at bolstering the country’s foreign reserves, is scheduled for release in May 2024.
Part of a larger $3.3 billion crude prepayment facility, Afreximbank has already disbursed $2.25 billion in January 2024.
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The repayment of this loan will be facilitated by the Nigerian National Petroleum Corporation, utilizing revenue generated from crude sales.
Denys Denya, Afreximbank’s Senior Vice President for Finance, Administration, and Banking, confirms the completion of crude availability verification.
The institution anticipates finalizing the release of the remaining balance next month.
