A $1 billion crude oil prepayment facility is being provided to Nigeria by the African Export-Import Bank (Afreximbank), headquartered in Egypt. This aims to bolster the country’s foreign reserves, with disbursement scheduled for May 2024. Part of a larger $3.3 billion facility, $2.25 billion was disbursed in January 2024.
Nigeria's state-owned Nigerian National Petroleum Corp will utilize revenue from crude sales for repayment. Afreximbank confirmed the completion of crude availability verification, anticipating the release of the balance next month.