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Nigeria approves $4.5bn refinancing of state-owned oil company

Nigeria Oil NNPC NEC

People buying fuel at a petrol station in Lagos, Nigeria, in March 2026. — People buying fuel at a petrol station in Lagos, Nigeria, in March 2026. AP - Sunday Alamba

Nigeria has approved a new $4.5 billion loan to replace a 2023 loan of $3.3 billion.

Nigeria's National Economic Council (NEC) approved the refinancing of NNPC Limited's $3.3 billion oil-backed pre-export finance facility, with a ‌new $4.5 billion arrangement aimed at strengthening the country's external reserves and freeing up funds for infrastructure.

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