Nigeria is expected to lay its hands on the long-awaited foreign exchange support facility from Afreximbank today as the government of Africa’s most populous nation looks to ease the acute FX shortage that has hobbled the economy and push for growth.

BusinessDay learnt that Afrexim Bank signed the dotted lines yesterday and the funds should come Friday.

Business leaders in Lagos have called the development a major catalyst for the economy as the arrival of the funds could help curtail the exchange rate volatility and ease inflation.

Wale Edun, finance minister and co-ordinating minister of the economy, would not offer any specific comments when BusinessDay spoke with him Friday, insisting that it was in the position of Afrexim to announce the disbursement at the appropriate time.

According to the minister, “this is a transaction in process with Afrexim and it is for them to make the announcement relating to funds disbursement.”

He spoke, however, about the work being done to put in place a comprehensive range of solutions to Nigeria’s economic challenges including improving finances through leveraging technology to raise tax collection as well as ease the foreign exchange position

Loans targeted at solving Nigeria’s FX crisis since Tinubu’s Administration

“We are looking at a range of support mechanisms capable of bringing about all round improvement in government finances and FX liquidity and we are optimistic we are on the right path.”

The disbursement of the funds could be the tonic Nigeria needs to rebuild investor confidence, improve credit lines for an economy brought to its knees by eight years of mismanagement by the administration of President Muhammadu Buhari.

While Afrexim is the lead arranger, there are sub-lenders including Sahara energy group, UBA as well as Guvnor, one of the world’s largest energy trading houses by turnover

https://businessday.ng/news/article/its-happy-new-year-for-nigeria-as-afrexims-2-25bn-support-comes-in-today/#google_vignette

This is good news but it begs for more explanation.


It's often being paraded by APC apologists that the reason Tinubu floated the Naira is because the government spends $2bn monthly to defend the Naira. If that's the case,so we just waited for months to get a loan for one month intervention and we're celebrating it now as if we won a lottery ticket.


When you hear the explanations from APC apologists and try to make sense of it with reality, you begin to wonder why we should be going to school at all. Because it's almost as if we don't learn anything.

TSA account by Buhari and how it saved trillions also comes to mind. ASUU had to go on strike for this particular issue but eventually,it had no impact on corruption fight and insecurity (which are the advertised gains)

michlins:
This is good news but it begs for more explanation.


It's often being paraded by APC apologists that the reason Tinubu floated the Naira is because the government spends $2bn monthly to defend the Naira. If that's the case,so we just waited for months to get a loan for one month intervention and we're celebrating it now as if we won a lottery ticket.


When you hear the explanations from APC apologists and try to make sense of it with reality, you begin to wonder why we should be going to school at all. Because it's almost as if we don't learn anything.

TSA account by Buhari and how it saved trillions also comes to mind. ASUU had to go on strike for this particular issue but eventually,it had no impact on corruption fight and insecurity (which are the advertised gains)

It's often said that you don't need your brain to support APC always bear this in mind whether you come across any of them.

What is the collateral?

Hahaaaa

Tinubu Nose is already sniffing the money 😂

We know where the money goes to

For how long? This is like defending the naira all over again

Propaganda Tinubu and APC zombies because naira is so useless in official market

To what benefits to the populaces When our politicians will just share the token to their mail boxes

It will only be new year with new dawn for Nigeria if Emilokan and his cohorts stop their financial recklessness and ready to let go of their comforts for the good of all.

michlins:
This is good news but it begs for more explanation.


It's often being paraded by APC apologists that the reason Tinubu floated the Naira is because the government spends $2bn monthly to defend the Naira. If that's the case,so we just waited for months to get a loan for one month intervention and we're celebrating it now as if we won a lottery ticket.


When you hear the explanations from APC apologists and try to make sense of it with reality, you begin to wonder why we should be going to school at all. Because it's almost as if we don't learn anything.

TSA account by Buhari and how it saved trillions also comes to mind. ASUU had to go on strike for this particular issue but eventually,it had no impact on corruption fight and insecurity (which are the advertised gains)

It is NOT a loan.

It is a business transaction.

Nigeria sells crude oil to Afrexim and collects her money in advance

michlins:
This is good news but it begs for more explanation.


It's often being paraded by APC apologists that the reason Tinubu floated the Naira is because the government spends $2bn monthly to defend the Naira. If that's the case,so we just waited for months to get a loan for one month intervention and we're celebrating it now as if we won a lottery ticket.


When you hear the explanations from APC apologists and try to make sense of it with reality, you begin to wonder why we should be going to school at all. Because it's almost as if we don't learn anything.

TSA account by Buhari and how it saved trillions also comes to mind. ASUU had to go on strike for this particular issue but eventually,it had no impact on corruption fight and insecurity (which are the advertised gains)

Not loan, it is an exchange for crude oil

may the enemies of this country be put to SHAME

Temporary solution to an age long issue. The naira will gain over the USD for some time and when the forex is used up by Nigerians who are dollar hungry, we will return to status quo

Money wey "awon boy" don price in! "Awon boys" knows the game.
Naira will gain on the short-term but once it hits the resistance, don't be surprised when "Awon boys" starts shorting naira to the grave.
The name of the game is, "Don't be caught holding the bag"!

Awon boys = Monied boys/Money Boys/The buccaneers and Vikings of the Nigerian Economy/

***We have always taken short-term measures for a long-term problems and history have shown that it hasn't worked to solve our problems. What we need is, policies that encourages steady and long-term inflow on FX into the market.

My understanding of this Afrexim’s $2.25bn Support is that we borrowed/received against future oil sales. Meaning, Money wey we suppose get for the thing we go sell in future, we don first tell them to give us the money make we chop am today and later later, we go supply them the oil.

If you read Things Fall Apart by Chinua Achebe, you'll remember Okonkwo's father Unoka the lazy borrower, known for.. "let us eat all for today because tomorrow we shall die". We are more or less living like Okonkwo's father and it's exactly the reason Okonkwo's father was never respected among his kinsmen.

Beautiful

Happy New year to the politicians...their loot have arrived

michlins:
This is good news but it begs for more explanation.


It's often being paraded by APC apologists that the reason Tinubu floated the Naira is because the government spends $2bn monthly to defend the Naira. If that's the case,so we just waited for months to get a loan for one month intervention and we're celebrating it now as if we won a lottery ticket.


When you hear the explanations from APC apologists and try to make sense of it with reality, you begin to wonder why we should be going to school at all. Because it's almost as if we don't learn anything.

TSA account by Buhari and how it saved trillions also comes to mind. ASUU had to go on strike for this particular issue but eventually,it had no impact on corruption fight and insecurity (which are the advertised gains)

anything buhari jst forget am abeg... Even dis administration is trying it's possible best to distance itself from d 8 yrs of disastrous decision making

Wetin concern an average Nigerian with the funds, instead say it's happy new year for Nigerian politicians as $2.2b Afrexim funds comes in for continuous looting

We hope it's not looted

Nonsense! Its happy new year for fulani crooks like that idiot from kebbi or whereever that kept abacha money as well as his other hausa idiots that steal govt money for a living.

HeatSeeker:
Nigeria is expected to lay its hands on the long-awaited foreign exchange support facility from Afreximbank today as the government of Africa’s most populous nation looks to ease the acute FX shortage that has hobbled the economy and push for growth.

BusinessDay learnt that Afrexim Bank signed the dotted lines yesterday and the funds should come Friday.

Business leaders in Lagos have called the development a major catalyst for the economy as the arrival of the funds could help curtail the exchange rate volatility and ease inflation.

Wale Edun, finance minister and co-ordinating minister of the economy, would not offer any specific comments when BusinessDay spoke with him Friday, insisting that it was in the position of Afrexim to announce the disbursement at the appropriate time.

According to the minister, “this is a transaction in process with Afrexim and it is for them to make the announcement relating to funds disbursement.”

He spoke, however, about the work being done to put in place a comprehensive range of solutions to Nigeria’s economic challenges including improving finances through leveraging technology to raise tax collection as well as ease the foreign exchange position

Loans targeted at solving Nigeria’s FX crisis since Tinubu’s Administration

“We are looking at a range of support mechanisms capable of bringing about all round improvement in government finances and FX liquidity and we are optimistic we are on the right path.”

The disbursement of the funds could be the tonic Nigeria needs to rebuild investor confidence, improve credit lines for an economy brought to its knees by eight years of mismanagement by the administration of President Muhammadu Buhari.

While Afrexim is the lead arranger, there are sub-lenders including Sahara energy group, UBA as well as Guvnor, one of the world’s largest energy trading houses by turnover

https://businessday.ng/news/article/its-happy-new-year-for-nigeria-as-afrexims-2-25bn-support-comes-in-today/#google_vignette

it's indeed a wonderful new year for our politicians as Afreximbank's money comes into their pockets

Their take home no go be here at all

Congrats to them and the judiciary. The judiciary is currently their new bride!

Ebeano hot cake

Cheers to them all yeye people

Funny

We it reach the common man's pocket?

Dollar economy

R

Time will tell

Congratulations Nigerian 🙏. .....
..... because I always pray and want good for this country Nigeria. I will definitely eat the goodness of Nigeria in Jesus name 🙏.

God bless Nigeria. 🇳🇬