Nigeria has received $2.25b out of the $3.3bn of the long-awaited foreign exchange support facility from Afreximbank on Friday which is aimed at helping the acute FX shortage that has hampered the economy.
![](https://thenigerialawyer.com/wp-content/uploads/2024/11/TheNigerialawyer-WhatsApp-Channel1.jpg")
The first tranche of $2.25 billion support was reportedly paid into the federal government’s account. The balance of $1.05 billion is due next week.
Speaking to newsmen minister of finance, Wale Edun, said it was in the position of Afrexim to announce the disbursement at the appropriate time.
Edun said work is being done to put in place a comprehensive range of solutions to Nigeria’s economic challenges including improving finances through leveraging technology to raise tax collection as well as ease the foreign exchange position.
He said he’s looking at a range of support mechanisms capable of bringing about all round improvement in government finances and FX liquidity and is optimistic Nigeria is on the right path.
While Afrexim is the lead arranger of the $3.3bn loan, some other sub-lenders include VITOL, Guvnor, one of the world’s largest energy trading houses by turnover, Sahara Energy group, Oando and UBA which chipped in $100 million.
Earlier in August, the Nigerian National Petroleum Company Limited (NNPC) announced that it had secured a $3 billion emergency loan from the African Export-Import Bank to stabilise the country’s volatile foreign exchange market.
The new deal came over a year after the national oil company said it similarly secured a $5 billion corporate finance commitment from the Prof. Benedict Oramah-led bank to fund major investments in Nigeria’s upstream sector.
Although the NNPC’s statement was silent on specifics in terms of the volume of each instalment of the FX expected and the quantity of crude oil to be repaid, the deal was expected to boost foreign exchange liquidity into the country and prop up the value of the naira against the dollar.
Business leaders in Lagos have praised the effort of the Afrexim bank, adding that the funds would serve as a major catalyst for the economy which could help curtail the exchange rate volatility and ease inflation.
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
The book, titled The Law of Torts in Nigeria: A Functional Approach, authored by Professor Hagler Sunny Okorie Ph.D and Ikeocha, Nathaniel Ngozi Esq, offers law students, practitioners, and academics a comprehensive guide to understanding and applying tort law in Nigerian courts. Interested buyers can place orders via the following contact numbers: 08028636615, 08037667945, 08032253813, or +234 902 196 2209.
_______________________________________________________________________
ARTIFICIAL INTELLIGENCE FOR LAWYERS: A COMPREHENSIVE GUIDE
Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd
Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria.
Bonus:
Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.
How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com
Ebook Version: Access directly online at: https://selar.com/prv626
________________________________________________________________________ The Law And Practice Of Redundancy In Nigeria: A Practitioner’s Guide, Authored By A Labour & Employment Law Expert Bimbo Atilola
_______________________________________________________________________
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
