Afreximbank’s $2.25 Billion Lifeline Boosts Nigeria’s Economic Horizon
By Adeyemi Adekunle
In a move to rejuvenate Nigeria’s economy the African Export-Import Bank (Afreximbank) has initiated an enormous disbursement of $2.25 billion from the recently greenlit $3.3 billion crude oil prepayment facility dedicated to Nigeria.
This timely financial infusion aims to alleviate the stranglehold of acute foreign exchange scarcity, a persistent hurdle that has stifled economic vibrancy and dampened investor confidence within the nation.
Addressing this challenge head-on, President Bola Tinubu, in a reassuring announcement earlier this month, underscored his administration’s unwavering commitment to resolving the FX backlog by injecting substantial funds into the market.
A resounding confirmation of this commitment came through a statement on Afreximbank’s official website yesterday, proclaiming the successful disbursement of the initial tranche, a staggering $2.25 billion.
Anticipated with bated breath, a second tranche of $1.05 billion is poised to follow suit in the coming phases.
In elucidating the significance of this financial lifeline, Prof. Benedict Oramah, the President and Chairman of the Board of Directors at Afreximbank, emphasized, “This facility further demonstrates the bank’s commitment to supporting African economies, precisely when such assistance is most needed.
Afreximbank stands resolute beside its member countries in both prosperous and challenging times.”
The utilization of the initial $2.25 billion is earmarked to fortify Nigeria’s long-term economic stability, facilitating enhanced access to import financing for essential goods and raw materials.
This injection of funds is poised to be a catalyst for industrialization and trade development efforts, providing a much-needed impetus for the nation’s economic resurgence.
Prof. Oramah expressed gratitude, acknowledging the remarkable speed with which partners and investors rallied to commit the necessary funds despite the typical year-end pressures.
He extended his thanks to these instrumental contributors for their steadfast support.
A Nigerian trained investigative journalist, who cover various news beats in Nigeria.
