Federal Government Initiates Solutions with $2.25 Billion Afrexim Bank Facility to Aid Economy

The Nigerian Federal Government has obtained a substantial $2.25 billion foreign exchange support facility from the African Import-Export Bank, marking the initial segment of a larger $3.3 billion loan.

Minister of Finance Wale Edun, confirmed this development, highlighting its primary aim to alleviate the acute foreign exchange scarcity that has significantly impacted the country’s economy.

The remaining $1.05 billion is expected to be received in early January. Edun emphasized ongoing efforts to address Nigeria’s economic challenges, signalling proactive measures being taken.