Africa’s top oil producer unlocks $3 billion and frees more crude for export with $4.5 billion state oil company refinancing

Nigeria has approved a $4.5 billion refinancing of the Nigerian National Petroleum Company (NNPC) Limited’s flagship oil-backed financing facility, unlocking $3 billion in fresh funding while reducing the volume of crude committed to servicing the debt in a move expected to strengthen the finances of Africa’s largest oil-producing nation.