Le directeur General of the Nigerian National Petroleum Corporation (NNPC) of Nigeria announced that his company is in talks to obtain a new oil-backed loan to strengthen its finances and to allow investments in its activities.

Nigeria's NNPC is looking to raise at least $2 billion. Nigeria's public finances depend on oil exports from the NNPC and oil provides most of the crucial foreign exchange reserves. According to Mele Kyari, head of NNPC, the company wanted to get a loan for 30,000 to 35,000 barrels per day of crude production. The latter indicated that the funds raised would be used for all of NNPC's commercial activities, including to support production growth. Noted that the NNPC already has a $3.3 billion loan guaranteed by Afreximbank, but the company's lack of liquidity had been compounded by rising fuel subsidy costs, and the new loan would help pay for them, according to reports