Nigeria's $5 Billion Oil Loan Hangs in Balance Amid Price Drops
Nigeria and Aramco are negotiating a $5 billion oil-backed loan amid declining crude prices. The talks, initiated by President Bola Tinubu with Saudi Crown Prince Mohammed bin Salman, face hurdles due to oil scarcity and market shifts. This significant loan forms part of Nigeria's broader $21.5 billion foreign borrowing plan.
Nigeria's negotiations with Saudi Arabian oil giant Aramco for a $5 billion oil-backed loan are facing hurdles amid fluctuating crude prices, according to insider sources.
The loan, which would mark Nigeria's largest of this kind and signifies Saudi Arabia's unprecedented financial involvement in Nigeria, could be impacted by the dip in oil prices and consequent market shifts.
Despite President Bola Tinubu's efforts to secure the loan for budgetary support, sources indicate that concerns over oil delivery and production capacity are complicating the discussions.
(With inputs from agencies.)
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