ENUGU, Nigeria (VOICE OF NAIJA)- The Federal Government of Nigeria has successfully obtained a $2.25 billion foreign exchange support facility from the African Import-Export Bank, marking the initial tranche of a $3.3 billion loan, as confirmed by the Minister of Finance, Wale Edun, during an interview on Arise Television.
Edun emphasized the critical purpose of the loan, aimed at alleviating the acute foreign exchange shortage that has been impeding the country’s economic progress.
He further disclosed that the remaining $1.05 billion is expected to be received in the first week of January.
Highlighting ongoing efforts to tackle Nigeria’s economic challenges, Edun reassured that the government has initiated measures to address the issues at hand.
This development follows the announcement in August by the Nigerian National Petroleum Company Limited, which secured a $3 billion emergency loan from the Afrexim Bank to stabilize the nation’s volatile foreign exchange market.