NNPC gets $3bn oil loan to stabilise naira
By Eyo Nsima
The Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion emergency crude repayment loan, targeted at enhancing the stabilisation of the naira.
The company secured the funding from AfriExim Bank headquarters in Cairo, Egypt and will repay the loan with crude oil at an interest rate between eight percent and 11 percent.
In a statement obtained by Vanguard, it stated: “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a statement on Wednesday.
“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.”
