Nigeria’s negotiations with Saudi oil giant Aramco for a $5 billion oil-backed loan have slowed due to a decline in global crude oil prices and growing concerns among potential banking partners.
The initiative, aimed at securing Nigeria’s largest oil-backed loan to boost foreign exchange inflows, is facing delays as lenders grow cautious amid falling crude prices and concerns over the country’s ability to meet supply commitments.
According to Reuters, the proposed $5 billion loan would be Nigeria’s largest oil-backed deal and Aramco’s first major financing in the country.