Nigeria is set to receive $1.05 billion from a syndicated loan backed by oil by the end of May to help revive its economy and boost the supply of hard currency on the local foreign-exchange market.
The funds form part of a $3.3 billion prepayment facility arranged by African Export-Import Bank that will be repaid using crude cargoes from Nigeria’s state-owned energy firm National Petroleum Co. Two-thirds of the largest syndicated loan raised by Africa’s biggest oil producer was disbursed in January.
Via Bloomberg
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