The President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Benedict Oramah, has defended the $3.3 billion loan acquired by the Nigerian National Petroleum Corporation Limited (NNPC), emphasizing its favorable terms and positive impact on stabilizing Nigeria’s financial system.
In an exclusive interview with ARISE NEWS anchor, Ojy Okpe, Oramah highlighted the loan’s competitive interest rate margin of 6%, describing it as one of the best-priced loans available. He emphasized the transparency of the loan agreement and its alignment with current market conditions.
Addressing concerns raised by Nigerians regarding the loan, Oramah clarified that it effectively alleviates acute foreign exchange shortages and contributes to stabilizing the financial system. He stressed the importance of government actions in ensuring economic stability and defended the need for transparency and accountability in financial matters.
Amidst discussions about the loan, Oramah also disclosed Afreximbank’s collaboration with the Nigerian Health Ministry to provide a $1 billion facility aimed at financing private investment in Nigeria’s healthcare sector. He emphasized the importance of accessible healthcare as a fundamental human right, underscoring the bank’s commitment to supporting investments that benefit all segments of society.
In light of ongoing criticisms and questions surrounding the loan, Oramah reiterated Afreximbank’s willingness to provide explanations and engage with stakeholders, emphasizing the bank’s commitment to transparency and accountability in its operations.
