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Exclusive: Nigeria's $5 billion oil-backed loan from Aramco delayed by oil price drop, say sources - REUTERS
By Macdonald Dzirutwe, Libby George and Julia Payne
Summary
- Saudi foray would be Nigeria's largest oil-backed loan
- Loan first discussed between Tinubu, MBS in November
- Oil price drop has slowed talks, could shrink loan
- Nigeria is repaying five other oil-backed loans
LAGOS/LONDON/BRUSSELS, June 10 (Reuters) - Nigeria and Saudi Arabian oil company Aramco are struggling to reach an agreement on a record $5 billion oil-backed loan after a recent decline in crude prices sparked concern among banks that were expected to back the deal, four sources told Reuters.
The facility would be Nigeria's largest oil-backed loan to date and Saudi Arabia's first participation of this scale in the country, although the decline in oil price could shrink the size of the deal, the sources said.
Nigeria's President Bola Tinubu, two of the sources said, first broached the loan in November when he met with Saudi Crown Prince Mohammed bin Salman in Riyadh at the Saudi-African Summit. Details and
