The African Export-Import Bank has confirmed an initial disbursement of $2.25 billion out of the $3.3 billion crude oil prepayment facility recently approved for Nigeria.
The long-awaited credit support seeks to ameliorate the acute FX shortage in the country which has constrained economic activities and doused investors’ confidence.Also earlier in December, President Bola Tinubu had assured Nigerians of the commitment of his administration to resolve the FX backlogs through the injection of funds into the market
A statement by Afreximbank posted on its website yesterday announced that an initial disbursement of $2.25 million has been made. A second tranche of $1.05 billion is expected to be disbursed subsequently.
Afreximbank’s President and Chairman of the Board of Directors, Prof. Benedict Oramah, explained that “this facility further demonstrates the bank’s commitment to supporting African economies, when such assistance is most needed. Afreximbank stands by its member countries in good and difficult times. The disbursement of the initial $2.25 billion under the facility will support Nigeria’s long-term economic stability, ease access to import financing for raw materials and essential goods, and support industrialisation and trade development efforts. We are pleased that despite the typical year-end pressures, our partners and investors committed the funds required in record time. We thank them for their support”.
