$5bn Aramco Oil-Backed Loan to Nigeria Stalls Over Price Drop
A $5bn crude-for-loan deal between Nigeria and Saudi Aramco has stalled due to falling oil prices, raising concerns among backing banks over repayment capacity.
The facility, Nigeria’s largest proposed oil-backed loan, faces delays as the country struggles to meet production targets. President Tinubu initiated the deal in 2023, but discussions have slowed amid market volatility and existing repayment obligations.
