Nigeria has received $2.25 billion out of the $3.3 billion foreign exchange support facility from Afreximbank aimed at addressing the acute FX shortage in the country. The first tranche of $2.25 billion was confirmed to have hit the federal government’s account on Friday, and an additional $1.05 billion is expected in the first week of January. Finance Minister Wale Edun stated that Afreximbank would announce the disbursement at the appropriate time. The loan aims to alleviate economic challenges, improve government finances, and ease the foreign exchange position. Business leaders in Lagos have lauded the effort, anticipating positive impacts on the economy.
The lead arranger of the $3.3 billion loan is Afrexim, with sub-lenders including VITOL, Guvnor, Sahara Energy group, Oando, and UBA contributing $100 million. In August, the Nigerian National Petroleum Company secured a $3 billion emergency loan from Afreximbank to stabilize the foreign exchange market.
