The latest disbursement brought the total current funded facility size to $3.175 billion after initial funded commitments of $2.25 million in December 2023.
The funds will enable the Central Bank of Nigeria (CBN) to strengthen its interventions in the foreign exchange market.
According to Punch, the $925 million, arranged and coordinated by the African Export-Import Bank (Afreximbank), came from a consortium of crude oil off-taker lenders, including Oando Group and Sahara Energy Resource Limited.
Speaking on the latest disbursement, Benedict Oramah, president of Afreximbank, stated that the milestone achieved on the $3.3 billion loan demonstrates the bank’s capabilities in performing its role as a crucial development partner for Africa.
His words:
He added that the facility was a landmark because it was the largest crude oil-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.
Oramah said the closure of the first accordion demonstrated a positive market appetite for well-structured commodities-backed instruments.
Reacting, Mele Kyari, the Group Chief Executive Officer of Nigerian National Petroleum Company (NNPC) Limited, commended Afreximbank for its investment philosophy and active interest in co-creating prosperity.
He said
Economic analysts are optimistic about the naira’s prospects following the additional funds.\
Isaac Uweni, an economist, told TimesNow.com.ng that the disbursements from Afreximbank is timely and could strengthen the naira.
He said:
TimesNow.com.ng earlier reported that Ben Akabueze, the director-general of the budget office, said the naira’s value would strengthen in the foreign exchange market.
Akabueze said this would be possible as the country expects an increase in dollar supply.
He noted that the Tinubu-led government expects the reforms to start yielding results.
Source: TimesNow.com.ng
