The Nigeria National Petroleum Corporation (NNPC) Limited has secured a $3 billion emergency crude oil repayment loan from the African Export-Import Bank (AFREXIM Bank).
In a post via it’s official handle on X formerly known as twitter @NNPCgroup said, ” The NNPC Ltd. and @afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan”
The loan signing which took place place at the bank’s headquarters in Cairo, Egypt are expected to provide immediate disbursement, supporting NNPC Ltd. in its mission to aid the Federal Government’s ongoing fiscal and monetary policy reforms.
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The statement reads in part, “The NNPC Ltd. and @afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment 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.”
