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Afreximbank supports under-pressure Nigeria with $3bn cash-for-oil deal

In depth
Issue 490 - 07 Sep 2023 - By Jon Marks , James Gavin | 6 minute read

A $3bn emergency loan secured by Nigerian National Petroleum Company from Cairo-based Afreximbank has reinforced Nigeria’s tight relationship with one of the few multilateral lenders still willing to support oil and gas spending, and underlined Abuja’s urgent need for financial support to underwrite President Bola Tinubu’s reform agenda.

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