Saturday, 16 October 2021

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NIGERIAN ECONOMIC GOALS: Nigeria’s Prepayment Deal with Traders Necessary to Support Economic Goals

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Nigeria is reportedly looking to secure prepayment contracts with major oil traders that could be worth as much as 5 billion dollars.

 

 The African OPEC nation would receive up-front payment for its oil and provide the traders approximately 70,000 barrels per day for five to seven years at a discount.

State-owned Nigerian National Petroleum Corporation would likely use the proceeds to construct oil and gas infrastructure and upstream projects.

Nigeria is seeking partnerships with the big trading merchants, either Glencore, Vitol, and Trafigura, and that Standard Chartered was hired to advise on the oil prepayment.

 The degree to which Nigeria would have to discount its petroleum in order to secure the loan is not yet known.

 

 

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