The Nigerian National Petroleum Company (NNPC) Limited has secured a $ 3 billion emergency crude oil repayment loan from the African Export-Import Bank
The organizations signed a commitment letter and Term Sheet at the bank’s headquarters in Cairo, Egypt, on Wednesday.
According to a very brief statement from the NNPCL on X (formerly Twitter), this move will enable NNPC Ltd to support the Federal Government in stabilizing the exchange rate market.
“The NNPC Ltd. and @afreximbank
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.”
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