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The African Export-Import Bank has announced an additional disbursement of $925m, under the syndicated $3.3bn crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited to the Federal Government.A statement by the bank on Thursday, said the development brings the total current funded facility size to $3.175bn.
Afreximbank said it acted as the Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent, and Collateral Agent for the transaction, expected to provide further support for Nigeria’s macroeconomic stability and long-term economic growth, while enhancing the country’s industrialisation and trade development efforts.In December 2023, the project received funded commitments totalling $2.25mn.
Prof. Oramah described the original facility as ‘a landmark’ for being the largest crude oil-backed facility in Nigeria and one of the largest syndicated debts raised in Africa, adding that the closure of the first accordion demonstrated the existence of positive market appetite for well-structured commodities-backed instruments.
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