Dynamic energy company, the Nigerian National Petroleum Corporation (NNPC), has secured an emergency $3 billion loan from pan-African financial institution, African Export – Import Bank (Afreximbank), to improve its services across the entire petroleum value chain.
The NNPC says the loan – which will be repaid using a limited amount of future crude oil production – will enable the company to settle taxes and royalties in advance while supporting the Nigerian government to stabilize the local currency from devaluation against global major currencies.
“A strengthened Naira as a result of this initiative will lead to a reduction in fuel cost. This means that if the Naira appreciates in value, the cost of fuel will drop and further increases will be halted,” the NNPC said in a press statement.
