Nigeria is due to receive a $1.05 billion loan from the African Export-Import Bank next month, which will be backed by oil.
According to reports, the loan is part of a larger prepayment facility worth $3.3 billion, which will also be used to purchase oil from Nigeria.
The above means that the bank will give Nigeria $3.3 billion in total for oil, and Nigeria will pay the bank back with the oil.
Furthermore, the bank has confirmed that Nigeria has enough oil to pay back the loan, so the bank will give the rest of the money to Nigeria next month.
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The loan will help Nigeria’s economy and it will also help Nigeria get more of the money it needs to buy things from other countries.
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