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NNPC eyes fresh $2bn oil-for-cash loan deal as fuel queues worsen in Lagos, Abuja and others

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Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), is considering securing a new $2 billion loan using crude oil pre-payments as collateral, according to findings by BusinessDay.

Mele Kyari the group general manager said the company wanted a loan against 30,000-35,000 barrels per day of crude production, but declined to say how much money it sought.

According to Reuters, Nigeria’s government finances rely on the oil the NNPC exports. Also, oil provides the bulk of crucial foreign exchange reserves.

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