Nigeria Secures $1 Billion Oil-Backed Loan from Afreximbank to Boost Economy
- Nigeria to receive $1.05Bn loan from Afreximbank in May, backed by oil
- Loan part of larger $3.3Bn facility, with repayment tied to Nigerian oil cargoes
- Aims to revive Nigeria's economy and boost hard currency reserves
- Two-thirds of loan already disbursed in January
- Loan based on $65/barrel oil price to reduce default risk despite higher market prices
