• Thursday, May 23, 2024
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Nigeria to get $1bn oil-backed loan from Afreximbank in May

Afreximbank sees quarterly net interest income rise to $393m

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

This syndicated loan will be backed 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.