June 22, 2024
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OIL & GAS

Nigeria Secures Additional $925m in Crude Oil-Backed Facility, Raising Total to $3.175b

Nigeria has received an additional disbursement of $925 million under a syndicated $3.3 billion crude oil-backed prepayment facility sponsored by Nigerian National Petroleum Company (NNPC) Limited. This latest disbursement raises the total funded facility size to $3.175 billion, following initial funded commitments of $2.25 billion in December 2023.

Arranged and coordinated by the African Export-Import Bank (Afreximbank), the accordion arrangement successfully raised a combined total of $925 million from a consortium of crude oil off-taker lenders, including Oando Group and Sahara Energy Resource Limited, among others.

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This transaction is expected to bolster Nigeria’s macroeconomic stability and long-term economic growth, while also enhancing the country’s industrialization and trade development efforts.

President of Afreximbank, Prof. Benedict Oramah, highlighted the significance of this achievement on the $3.3 billion facility, emphasizing the bank’s role as a vital development partner for Africa.

“It reaffirms our commitment to assisting our member states in their efforts to achieve economic growth and stability. This funding will greatly support the attainment of Nigeria’s short and long-term economic development priorities,” Oramah said.

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