May 30, 2024

Nigeria to receive $1bn oil-backed loan from Afreximbank in May

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Ilenre Irele

All is set for Nigeria to receive a highly anticipated boost in May with a $1.05 billion loan from the African Export-Import Bank (Afreximbank), according to reports from Bloomberg.

According to reports, the syndicated loan will be guaranteed by Nigeria’s oil reserves, providing the country with vital funds to revive its economy and address the shortage of hard currency.

The influx of foreign currency is expected to stabilise the local foreign exchange market, making it easier for businesses to import goods and conduct international trade. This, in turn, could stimulate economic activity and growth.

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