NNPC Secures $3b Emergency Crude Repayment Loan

The Nigerian National Petroleum Corporation, NNPC Limited, and Afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan to support the naira and stabilize the foreign exchange market

NNPC in a statement on Wednesday says the loan was secured from the headquarters of the bank in Cairo, Egypt.

The statement reads; “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion 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.”