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Here’s the implication of NNPC’s $1.5bn deal with Vitol, Matrix

Nigeria National Petroleum Corporation (NNPC) has signed a $1.5 billion cash-for-crude prepayment loan with the world’s top biggest independent oil trader Vitol Group and Nigeria’s Matrix Energy, a decision that comes with huge implications for Africa’s biggest economy. Already cash-strapped and weighed down by billions of dollars in old debts, NNPC has been looking to…

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