In a significant move to stabilize the Nigerian economy, the Nigerian National Petroleum Company (NNPC) Limited has successfully secured an emergency crude oil repayment loan of $3 billion from the African Export–Import Bank, known as Afreximbank.
NNPC officially announced the collaborative agreement on Wednesday via its Twitter account, revealing that the commitment letter and Term sheet were signed at Afreximbank’s headquarters in Cairo, Egypt.
The signed agreement promises immediate disbursement of funds, a critical step that positions NNPC to actively support the Federal Government’s ongoing fiscal and monetary policies. These policies are aimed at achieving stability in the exchange rate market, a pressing concern that has impacted the Nigerian Naira against the US Dollar. Last week, the exchange rate reached a notable high of approximately N900/$1.
This milestone agreement not only bolsters NNPC’s capacity to contribute significantly to the country’s economic resilience but also offers much-needed relief to the Nigerian Naira, marking a positive turn in the nation’s financial outlook.
