The Federal Government has finally received $2.25 billion out of the $3.3 billion Foreign Exchange (FX) facility from the African Export–Import Bank (Afreximbank). The long-awaited credit support seeks to ameliorate the acute FX shortage in the country which had constrained economic activities and doused investors’ confidence.
Earlier in December, President Bola Tinubu had assured Nigerians of the commitment by his administration to resolve the FX backlogs through injection of funds into the market. The initial tranche was reportedly paid into the Federal Government’s account while the balance of $1.05 billion was due next week.
While Afreximbank is the lead arranger of the $3.3 billion loan, some other sub-lenders included VITOL, Guvnor, one of the world’s largest energy trading houses by turnover, Sahara Energy Group, Oando and the United Bank for Africa which chipped in $100 million.