NNPC Ltd Secures $3bn Loan From AFREXIM Bank
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The Nigeria National Petroleum Corporation Limited (NNPC Ltd) has secured an “emergency crude oil repayment loan” to the tune of $3bn from AFREXIM Bank.
NNPC Ltd announced this on a statement on Wednesday.
According to the statement, the loan will help “support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market”.
The statement read, “The NNPC Ltd. and Afrexim Bank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oilrepayment loan.
“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.
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