Nigerian govt secures $2.25 billlion Afrexim bank loan to address the foreign exchange crisis.

On Friday, the Nigerian Federal Government officially obtained a foreign exchange support loan amounting to $2.25 billion from the African Import-Export Bank. Wale Edun, the Minister of Finance, confirmed this development in a recent interview with Arise Television News.

Edun highlighted that this loan represents the initial installment of a $3.3 billion facility extended by the bank. The primary objective is to address the acute foreign exchange shortage that has been adversely affecting the country’s economy. The Minister further disclosed that the remaining balance of $1.05 billion is anticipated to be received in the first week of January.

Emphasizing the government’s commitment to resolving economic challenges, Edun shared that proactive measures are already underway. It’s worth noting that this financial assistance follows a previous development in August 2023 when the Nigerian National Petroleum Company Limited secured a $3 billion emergency loan from the Afrexim Bank to stabilize the nation’s volatile foreign exchange market.