The Arab Bank for Economic Development in Africa (BADEA) board has approved a $50million Fuel financing revolving facility for NOCMA.
NOCMA will use the first tranche of $50m towards immediate procurement of fuel product towards replenishment of the strategic fuel reserves stocks once all the relevant paperwork is finalized.
This fuel financing facility agreement is between NOCMA and BADEA with Government as a guarantor through the Ministry of Finance. This means NOCMA will be fully responsible in directly servicing the facility.
This will allow NOCMA to channel some of the financing sourced from local banks towards addressing the current fuel shortages in the Country.
Approximately $28million will go directly towards daily fuel requirements, as the company works to address the fuel supply shortages recently experienced in the Country.
Operations towards restoring the fuel supply situation in the country are already underway.
High volumes of fuel product are entering the country on a daily basis, which has seen reduced queues at filling stations across the country.
